Types of Wills

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Carefully choose the type of Will you use.

In Canada, there are three basic types of Wills:

• Formal Will
  This is a typed document signed by you in the presence of at least two witnesses (who cannot be beneficiaries or spouses of beneficiaries). It is wise to have a formal Will prepared by a lawyer. The cost is well worth it when you consider the potential problems you'll avoid if improper wording is used or the document is not properly signed.
• Notarial Will
  Similar to the formal Will, the notarial Will is only used in Quebec. It is prepared by a notary and signed before the notary and generally one witness.
• Holographic Will
  This is a Will prepared entirely in your handwriting and signed by you with no witness necessary. Experts advise against holographic Wills because they are subject to misinterpretation and challenge. Additionally, some provinces do not even recognize holographic Wills as legal documents.

Another alternative—also not recommended—is preparing your Will with one of the many pre-printed forms or computer programs currently available. They are inexpensive, but your savings are small compared to the legal costs your beneficiaries might have to pay to settle your affairs. Additionally, if your Will is not worded properly, some of its provisions may be legally invalid.

Simply stated, when you consider the consequences of not having a proper formal Will, it's just not worth doing it any other way.

Please keep in mind that this information on Wills is in no way complete. It is simply an overview and does not deal with many of the legal issues involved in creating a Will. This content does not replace the need to contact your professional advisors, such as your lawyer, notary or other qualified advisor.