Do I Need a Will?

It’s easy to assume that Wills are for “later in life” or for people with complex finances. But the reality is, almost everyone benefits from having a Will. If you have people you care about, own property, or simply want your voice heard after you're gone, a Will gives you that power.

This becomes especially important during major life transitions like starting a family, buying a home, or launching a business. A Will is not about how much you own. It is about making your own choices, avoiding confusion, and giving clarity to the people who matter most.

What a Will Actually Does for You

A Will answers one of life’s most personal questions: What happens to everything I leave behind? Without one, your estate is handled according to provincial laws that follow formulas, not relationships.

With a Will in place, you decide:

Who inherits your belongings, money, and property
Who manages your estate
Who will care for your children or dependants
Whether specific people or charities receive personal gifts

In the absence of a Will, those decisions are made by default—not by design.

Tip: Think of your Will as your final voice. Without it, decisions about your estate, guardianship, or even treasured heirlooms could fall into the hands of the court instead of the people you trust.

Who Really Needs a Will? Real-Life Examples

You may wonder whether your life is “complicated enough” to need a Will. The truth is, needing one rarely depends on your net worth—it depends on whether you care about who makes decisions for you.

Here’s a snapshot of common life situations and how they relate to needing a Will:

Life Situation	Do You Need a Will?	Why It Matters
Single with few assets	Yes	You may still want to control who receives personal belongings
Living with a partner (not married)	Yes	Common-law partners may not be recognized without a Will
Married with children	Yes	You’ll want to appoint a guardian and manage asset distribution
Business owner	Yes	A Will helps direct what happens to the business and its assets
Recently divorced	Yes	Old Wills may no longer reflect your wishes
Retired with grown children	Yes	Helps prevent disputes and clearly divides your estate

Even if your situation doesn’t fit exactly, the message is clear: clarity is always valuable.

Life Milestones That Should Prompt a Will Update

Your Will should reflect your current life. Significant changes in relationships, finances, or health often mean it is time to create or update your Will.

These are the moments that commonly trigger action:

You’ve moved in with a partner or married
You’ve welcomed a child or grandchild
You’ve purchased property or received an inheritance
You’ve started or sold a business
You’ve experienced separation or loss
You’ve had a major change in health or care needs

You do not need to wait for one of these events to get started, but they are often a natural nudge toward putting your wishes on paper.

Important: Even if you already have a Will, it should be reviewed regularly. Laws can change. So can your relationships, assets, and intentions. An outdated Will can be just as problematic as having none at all.

The Risks of Not Having a Will

When someone passes away without a Will, their estate enters intestacy. That means your province decides who gets what, based on legal defaults. This may lead to:

Delays in distributing assets
Higher legal and administrative costs
Stress or conflict among family members
Guardianship decisions made by a judge, not you

These consequences can be difficult during an already emotional time. A Will is a simple, powerful way to prevent avoidable hardship.

How Optimize Supports Your Estate Planning

At Optimize, we believe that estate planning is not separate from your financial planning—it is part of it. We work with you to make sure your investment plan, insurance coverage, and legacy goals support one another.

While we do not draft Wills ourselves, we help you understand what should be covered and when it is time to take action. We can also refer you to legal professionals who can finalize your wishes with care and accuracy.

The Best Time to Make a Will Is Now

Making a Will is not about expecting the worst. It is about being thoughtful, organized, and prepared. It protects what you have worked for and the people who matter to you.

Whether you are starting out, mid-career, or planning for retirement, the right time to make a Will is when you are ready to make decisions for yourself—before someone else has to.

We’re here to help you put that plan in motion, so your intentions are known, respected, and secured.