A Legal Will is one of the most important documents most people will ever sign — and among the least understood. This article explains what a Will actually contains and its legal scope.
Key Sections of a Will
Revocation clause — declares this Will revokes all previous Wills, removing any ambiguity about which document governs.
Executor appointment — names the person responsible for administering your estate. Name an alternate in case your first choice cannot serve.
Specific gifts — particular items left to named individuals: jewellery, vehicles, sums of money, heirlooms.
Residue clause — deals with everything remaining after specific gifts, debts, taxes, and expenses are settled. This is typically the bulk of the estate.
Contingency provisions — what happens if a beneficiary predeceases you or both spouses die simultaneously.
Guardian appointment — names a guardian for minor children if both parents are deceased.
What a Will Can Do
- Name an Executor of your choosing
- Specify who inherits and in what proportions
- Make specific gifts to individuals or charities
- Establish a testamentary trust for minor or dependent beneficiaries
- Reduce the risk of family disputes
What a Will Cannot Do
A Will does not govern assets that pass outside your estate. Jointly held property passes to the surviving joint owner by right of survivorship. Registered accounts (RRSPs, TFSAs, RRIFs) and life insurance with named beneficiaries bypass the estate entirely. Understanding what falls inside and outside your estate is an important part of planning.
The Executor's Role
Your Executor locates and values assets, pays debts and taxes, distributes the estate, and files a final tax return. It is a demanding administrative role. Choose someone organized, financially responsible, and willing to serve — and confirm their willingness before naming them.