One of the first steps to estate planning is having a will. There are many types of wills one could use as part of their estate planning strategy. Before we discuss various types of wills, let’s understand what a will is.
A will also known as a “last will and testament” is a legal document governed by provincial legislation that lists the final wishes of the deceased in how they wish to divide their property.
If the person making the will is a male then they’re known as a Testator. And if female, they’re known as Testatrix. A will typically names an executor, provide guidance on how debts and taxes would be paid, list inheritances, provide guidance on care for minor children and so on. Below we’ve listed the most common types of wills.
Types of Wills
- Holograph Will
- A holograph will is a handwritten will signed and dated by the testator or the testatrix. This type of will is considered to be legal in Canada if the handwriting can be verified.
- English Form Will
- This is one of the most common types of the will, particularly in Canada. Wills are put together by the testator/testatrix and signed by two witnesses.
- Notarial Will
- A Notarial Will is common in Quebec and is drawn up by a notary. It’s usually written in the presence of one witness or two in certain circumstances such as when the testator is blind.
- International Will
- In today’s global environment, people are able to move freely between countries and own multiple properties. International wills deal with property that are in other parts of the world. These types of wills are written and meet specific standards of the Washington Convention Providing a Uniform Law of an International Will (1973). Countries that have accepted the convention include are mentioned below. However, be aware that not all of the countries are enforcing the convetnions.
| Australia | Belgium | Bosnia Herzegovina |
| Canada | Croatia | Cyprus |
| Ecuador | France | Vatican City |
| Iran | Italy | Laos |
| Libya | Niger | Portugal |
| Russia | Sierra Leone | Slovenia |
| United Kingdom | United States |
Vatican City, Iran, Laos, the Russian Federation, Sierra Leone, the United Kingdom, and the United States are all signatories of the treaty.
- Mirror Will
- A mirror will is typically written by spouses that want to have similar terms to the other. It can be particularly important in stating beneficiaries, choice of executors and guardians for minor children. Things can start getting complicated when second marriages come in the spotlight.
- Mutual Will
- A mutual will is similar to a mirror will. The terms and the agreements of the written content are the same but changes cannot be made to a mirror will without the other’s consent.
- Joint Will
- Joint will is a single written document by two or more people, often husband and wife that details how their estate will be settled when they die. Often couples own property jointly and this type of will allows the decisions of estate settlement to be made together.
