Common Estate Planning Myths: What You Need to Know About Wills

What is an estate plan?

An estate plan is a collection of legal documents that outline what should happen to your assets and loved ones if you pass away or become unable to make decisions for yourself — for example, due to an illness, accident, or stroke.

A complete estate plan usually includes a will, powers of attorney, and other documents that make sure your financial and personal wishes are carried out according to your intentions.

Last Will and Testament

Your last will and testament (often called simply a “will”) is a legal document that explains how you want your belongings — such as money, property, and personal items — to be distributed after your death. It can also state who should care for your minor children or pets.

Your will allows you to:

• Appoint an executor, who will manage your estate and handle final affairs on your behalf

• Identify beneficiaries who will inherit your assets

• Choose guardians for your children or pets

• Make charitable gifts to organizations or causes you support

• Record your funeral or burial preferences

Your “estate” includes everything you own at the time of your death — anything that has financial or sentimental value.

Myth 1: “I only need a will when I’m old.”

Many people think that wills are only necessary later in life — after retirement, when you’ve accumulated significant assets, or when you start to think about the end of life. In reality, a will is just as important for younger adults. Life is unpredictable, and accidents or illnesses can happen at any age.

Creating a will isn’t about expecting the worst — it’s about being responsible and prepared. Even if you’re in your 20s, 30s, or 40s, a will ensures that the people you care about are protected and that your wishes are respected if something unexpected happens.

Here’s why it matters, regardless of age:

• You decide who inherits your assets. Even if you don’t own a home yet, you likely have savings, investments, or personal items with sentimental or financial value. Without a will, the law decides who receives them.

• You can appoint guardians for your children or pets. If you have dependants, a will allows you to choose who will care for them — rather than leaving that decision to the courts.

• You protect your partner. If you’re in a common-law relationship, your partner may not automatically inherit from your estate without a will, depending on your province.

• You relieve stress for your loved ones. Having a clear plan in place saves your family from uncertainty, conflict, and lengthy court processes during an already emotional time.

• Tax Planning. Having an expert go over your estate plan will help you ensure your tax goals are minimized. In particular, working with an experienced estate and tax planning are pertinent in order to preserve wealth. 

A will isn’t just a document for the elderly or wealthy; it’s a tool for any adult who wants to take control of their future and make things easier for the people they love.

Myth 2: I don’t need a will if I am married

It’s a common misconception that being married automatically means your spouse will inherit everything when you pass away. In reality, without a will, your estate is divided according to provincial laws, and those rules might not align with your wishes.

In most provinces, if you die without a will, your spouse does not automatically receive your entire estate. Instead, the law divides your assets between your spouse and children. Particularly in situation of blended families, this can lead to confusion, family conflict, and outcomes you never intended.

Having a will ensures that:

• Your spouse is properly provided for. You can specify exactly what your partner should inherit, rather than relying on provincial formulas.

• Your assets are distributed according to your wishes. Without a will, the government, not you, decides how your estate is divided.

• Blended families are protected. If you or your spouse have children from previous relationships, a will ensures that everyone is fairly considered.

• You can name an executor you trust. A will allows you to choose who will handle your estate, rather than leaving that decision up to the courts.

Marriage offers certain legal protections, but it doesn’t replace a well-drafted will. Creating a will ensures that your spouse, and the rest of your loved ones, are cared for in the way you intended.

Myth 3: “Writing my wishes down is enough.”

Simply jotting down your wishes isn’t the same as having a valid will. Even holographic wills, handwritten wills made without witnesses, have specific rules to be legally accepted.

Depending on where you live, some provinces do not recognize holographic wills at all. Even in places where they are valid, these handwritten wills are frequently disputed in court, which can lead to lengthy legal battles, high legal costs, and unnecessary stress for loved ones.

Myth 4: “My family knows my wishes and will distribute my estate fairly”

Many people assume that simply talking about their wishes with family members is enough. Unfortunately, verbal instructions have no legal effect after you pass away. Even if your loved ones know what you would have wanted, they may not have the legal authority to carry it out.

Even the most harmonious families can fall apart under stress and grief. When money, property, or sentimental assets are at stake, disputes are common — and they can get ugly fast. Without clear legal instructions, family members often turn to the courts to resolve disagreements, leading to:

• Lengthy litigation that can drag on for years

• Legal fees that easily reach tens of thousands of dollars

• Emotional fallout that can permanently damage family relationships

In other words, not having a will doesn’t just create confusion; it can cost your loved ones time, money, and peace of mind.

Having a written, legally valid will ensures that there’s no ambiguity about who should receive what, and your whole family avoids unnecessary tension and financial strain.

If you need legal support or help understanding the estate planning process, our lawyers are here to assist. Contact us for a confidential consultation.