Will

What it means

A will is a legal document that says how you want your property and assets distributed after you die, and names an executor to carry that out. Requirements for a valid will (witnesses, format, sometimes handwriting) vary by province.

Why it matters

Without one, provincial default rules — not your own wishes — decide who inherits what and who has authority to manage your estate, which can produce an outcome you never would have chosen.

Common misunderstandings

• •A will doesn't control everything — assets with a named beneficiary (like life insurance or an RRSP) or held jointly generally pass outside the will entirely.
• •A will only takes effect after death — it has no legal power while you're alive, which is what a power of attorney is for instead.
• •Dying without a valid will ("intestate") doesn't mean the government keeps everything — it means a province's default distribution formula applies instead of your own choices.

Where you'll see it

In estate planning conversations, and as the foundational document any lawyer or notary starts with.