Before making a will in Manitoba, think about what you own, who should receive it, who will carry out your wishes and who may need care after you die. Then check how your will fits with any beneficiary forms you have already signed.
You do not need every answer worked out before speaking with a lawyer. A few notes about your family, property and wishes are a good place to start.
1. What do you own, and what do you owe?
List your home, other property, bank accounts, investments, business interests and valuable belongings. Make a note of mortgages, loans and other debts too.
We don’t put every account number or item into the will. The list helps you see what your plan needs to cover and gives you a starting point for questions about taxes or debts.
2. Which assets might pass outside your will?
Some assets may go directly to another person because of joint ownership or a valid beneficiary designation. RRSPs, TFSAs, pensions and life insurance are common places to check.
A new will does not automatically tidy up every old beneficiary form. Our article on reviewing beneficiary designations alongside your will explains why both need attention.
3. Who do you want to benefit?
Think about the people and organizations you want to include. Consider what should happen if someone you name dies before you.
You may want an equal division, or you may have reasons for a different arrangement. What matters is that the will says clearly what you intend. If your family situation is complicated, talk through the legal implications before settling on the wording.
4. Are there particular gifts you want to make?
You might want to leave a piece of jewellery to a niece, a sum of money to a charity or a family keepsake to a friend. Be specific enough that your executor can identify both the gift and its recipient.
You will also need to decide who receives the residue: whatever remains in your estate after debts, expenses and specific gifts are dealt with. Without that instruction, a thoughtful list of individual gifts may still leave an important gap.
5. Who will be your executor?
Your executor handles the practical and legal work after your death: gathering estate assets, paying debts and taxes, keeping records and distributing what remains.
Choose someone willing and able to take on that job, and speak with them before naming them. Consider an alternate in case your first choice cannot act when the time comes.
6. Who would care for your children?
If you have children under 18, your will can name the person you would want to care for them if both parents die. Talk to that person first, and consider whether you should also make arrangements for the money left for your children.
Naming a guardian records your wishes, but it does not guarantee the outcome if there is a dispute. A court will consider your choice when deciding what should happen, but ultimately, the court will decide by applying the legal principle of what is in the children’s best interests.
7. Are there family circumstances that need extra care?
A blended family, a dependent family member, a separation or a gift divided unequally can raise questions that a simple template may not answer. Other laws may also affect what can be distributed under a will.
You do not have to make every gift equal. You do want to understand the possible consequences of your choices and write them clearly. A lawyer can help you work through those decisions without leaving your executor to guess.
8. Will your estate have enough to cover expenses and taxes?
Before beneficiaries receive their gifts, the estate must pay debts, administration costs and taxes. Property and registered accounts can also have tax consequences at death.
If much of what you own is tied up in a home or business, ask how the estate would pay its bills without forcing a sale you did not intend. This is a useful conversation to have with your lawyer and accountant together.
9. How will you sign and store the will?
A Manitoba will generally needs to be in writing, signed and properly witnessed by two people, although there are exceptions. One witness must also sign an affidavit of execution affirming the two witnesses witnessed the testator’s signature, that the person appeared competent at the time, and that neither witness is a beneficiary under the will.
Once it is signed, keep the original Will with affidavit of execution somewhere safe and tell your executor where to find it. A carefully written will is of no use if no one can find it.
10. When should you review it?
Review your will when your relationships, family, property or wishes change. Marriage can revoke a Manitoba will unless an exception applies. Divorce and the end of a common-law relationship can affect provisions for a former partner, but the rules differ. Beneficiary forms need their own review.
If it has been years since you signed your will, you do not have to wait for a major event to look at it again. Check whether the people you named are still the people you would choose today.
Preparing your will in Manitoba can begin with a conversation. If you are ready to make or update yours, contact TLR Law or call 204-925-1900. We can help you put your wishes into clear, workable instructions.
