Is a will the same as an estate plan?

No. A will is one part of an estate plan. A full plan may also include powers of attorney, beneficiary designations, and sometimes trusts. The will handles what happens to your property after death.

Do I need a will if I do not own much?

Often yes — especially if you have children or specific wishes. A will names a guardian and an executor and prevents the default intestacy rules from controlling even a modest estate.

Does a will avoid probate?

Not on its own. A will is usually the document that goes through probate so a court can confirm the executor's authority. Some planning tools can reduce what passes through probate, but the will itself does not avoid it.

When should I update my will?

Review it after major life events: marriage, divorce, a new child, a death in the family, a move to another province or country, or a significant change in your assets.

What Is a Will? A Plain-Language Guide

A will (sometimes called a last will and testament) is the legal document that records your wishes about what happens to your money, property, and dependants after you die. It names the people who inherit, the person who carries out your instructions, and, if you have young children, who should raise them. This is general information, not legal advice — consult a lawyer in your jurisdiction.

What does a will actually do?

A will lets you decide, in advance, who receives your assets and in what shares. Without one, a default government formula decides for you, and it may send your estate to relatives you would never have chosen.

Beyond dividing property, a will appoints an executor (called an estate trustee in some provinces, a liquidateur in Quebec, or a personal representative in many US states) to gather your assets, pay your debts and taxes, and distribute what remains.

Who needs a will?

Almost every adult benefits from a will, but it is especially important if you own property, have children, run a business, or want to leave something to a friend or charity that the default rules would ignore.

If you have minor children, a will is the only place you can nominate a guardian to care for them. Relying on family to sort it out later can lead to disputes and court applications during an already difficult time.

What can you put in a will?

Most wills cover the core decisions: who your beneficiaries are, who serves as executor, who is guardian of any minor children, and any specific gifts of money or sentimental items.

You can also leave instructions about funeral or burial preferences, set up trusts for young or vulnerable beneficiaries, and address digital assets such as online accounts and cryptocurrency.

What a will does not cover

Some assets pass outside your will by their own rules. Life insurance and registered accounts (like an RRSP, RRIF, or TFSA in Canada, or a 401(k) or IRA in the US) usually go directly to the named beneficiary, not through your will.

Property owned in joint tenancy with right of survivorship typically passes automatically to the surviving owner. Reviewing these designations alongside your will keeps your overall plan consistent.

How do you make one?

You can write a will with a lawyer, use a reputable online service, or in some places handwrite one yourself. Whichever route you choose, it must meet your jurisdiction's signing and witnessing rules to be valid.

Online services such as iFinallyWill guide you through the same core questions a lawyer asks and produce a will tailored to your province or state — typically in about 20 minutes, with lifetime updates so you can revise it as life changes.

Frequently asked questions

Is a will the same as an estate plan?: No. A will is one part of an estate plan. A full plan may also include powers of attorney, beneficiary designations, and sometimes trusts. The will handles what happens to your property after death.
Do I need a will if I do not own much?: Often yes — especially if you have children or specific wishes. A will names a guardian and an executor and prevents the default intestacy rules from controlling even a modest estate.
Does a will avoid probate?: Not on its own. A will is usually the document that goes through probate so a court can confirm the executor's authority. Some planning tools can reduce what passes through probate, but the will itself does not avoid it.
When should I update my will?: Review it after major life events: marriage, divorce, a new child, a death in the family, a move to another province or country, or a significant change in your assets.