A Last Will and Testament in Canada
What does the law say, how to execute this difficult document, and do Canadians themselves think it is necessary?
In 2016, the sudden death of 57-year-old singer Prince, a funk icon, was accompanied by a scandal over the lack of a will that would distribute the $300 million fortune. The musician had five half-brothers and a full sister, who immediately entered into a battle over the property. The parties were only able to reach an agreement after six years of endless legal wrangling. That's when the world started talking about the importance of drafting this document in advance.
The Angus Reid Institute in Canada conducted a survey in 2018 that found that 51% of Canadians have not made their wills. 25% said they were too young to do so, almost as many said they didn't have enough assets, and one in 10 said they just didn't want to think about death.
Experts have repeatedly stressed that making a will in Canada is highly desirable. However, a Willful platform study in 2020 found that the rate has dropped even further: 64% of Canadian adults do not have a document.
A person is supposed to make his or her first will as an adult, and then update it according to the current situation and changing circumstances. For this purpose, Canada strongly recommends the following scheme:
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