Estate planning isn't complicated. But most Canadians do it backwards — they think about the legal documents first and the decisions second. It works better the other way around.

Here's a complete checklist: what decisions to make, what documents to get, and what to communicate to the people who'll need to act when you can't.

Step 1: Take Inventory of Your Assets

Before you can write a will, you need a clear picture of what you own and how it's structured. Not for the lawyer — for yourself. Start with:

  • Real estate (primary home, vacation property, investment property)
  • Bank accounts and chequing/savings balances
  • Registered accounts: RRSP, TFSA, RRIF, RESP
  • Non-registered investment accounts
  • Life insurance policies (note: life insurance passes outside your will via beneficiary designation)
  • Pension entitlements
  • Business interests or partnership agreements
  • Vehicles and significant personal property
  • Digital assets (cryptocurrency, monetized accounts, digital businesses)
  • Outstanding debts (mortgage, loans, line of credit)

Step 2: Make the Key Decisions

These are the decisions your will reflects. Make them deliberately, not by default:

Who is your executor?

Your executor administers your estate — gathers assets, pays debts and taxes, distributes to beneficiaries. This is a significant responsibility. Choose someone organized, trustworthy, and willing to do administrative work. Appoint an alternate in case your first choice predeceases you or declines.

Who are your beneficiaries?

Who gets what, in what proportions? Simple residual gifts ("everything to my spouse, then equally to my children") are cleaner than specific bequests for most estates. Specific bequests can create problems if the asset no longer exists when you die.

Who guards your children?

If you have minor children, name a guardian. Name an alternate. Tell the named guardian. Consider whether the guardian should also manage any trust funds for your children, or whether a separate trustee would serve better.

Who holds your power of attorney?

Name someone to manage your financial affairs if you become incapacitated. This should be a different conversation from your executor — it's a living document that could be used for years before you die.

Who is your healthcare agent?

Name someone to make personal and healthcare decisions if you lose capacity. Discuss your values and wishes with them explicitly — don't assume they know.

Step 3: Check Your Beneficiary Designations

This is where many estate plans silently fail. Life insurance, RRSPs, TFSAs, and pension plans all pass to beneficiaries outside your will via beneficiary designation. Your will has no authority over these assets.

If your RRSP names an ex-spouse as beneficiary, your will cannot override it. Review and update beneficiary designations on all registered accounts and insurance policies. Ensure they're current and consistent with your estate plan.

Step 4: Get the Documents Done

  • ☐ Legal Will
  • ☐ Enduring Power of Attorney (financial)
  • ☐ Personal Directive / Healthcare Directive
  • ☐ Guardian Appointment (if you have minor children)

These four documents are the complete foundation of a Canadian estate plan. They cover death, incapacity, financial management, and personal care. In most cases, they can all be prepared and executed in a single one-hour appointment.

Step 5: Tell Your People

The best estate plan in the world fails if nobody knows where your documents are or what they contain. After completing your documents:

  • Tell your executor where your will is stored and how to access it
  • Tell your attorney under your EPOA where your power of attorney is and how to use it
  • Tell your healthcare agent where your personal directive is
  • Give copies of relevant documents to relevant people (or tell them where digital copies are stored)
  • Keep a brief document listing all accounts, insurance policies, and key contacts — your executor will need this

Step 6: Review Every 3–5 Years

Your estate plan reflects your life as it is today. Life changes:

  • Marriage or divorce — revokes a will in some provinces automatically
  • New children or grandchildren
  • Significant change in assets (home purchase, inheritance, business growth)
  • Death or incapacity of a named executor, attorney, or guardian
  • Moving to a different province

Set a calendar reminder. Review every three to five years or after any major life event.

Getting It Done

All four core documents — will, enduring power of attorney, personal directive, and guardian appointment — are prepared and executed at every Wills Made Easy appointment. $395 individual. $495 couple. One hour. Across Canada.

Find a location near you and join the waitlist for your city.

Digital Assets and Online Accounts

One item that's often missing from estate planning checklists: your digital life. Your executor needs access to online banking, email accounts, social media, cloud storage, subscription services, and any cryptocurrency holdings. Without a plan, your executor may spend months — and thousands of dollars — trying to gain legal access to these accounts.

Add a digital assets clause to your will or keep a separate secure document that lists your online accounts, usernames, and instructions for your executor. Don't include passwords directly in your will (wills become public after probate), but include a reference to where your executor can find this information.

Tax Considerations in Your Estate Plan

While Canada doesn't have an estate tax, there are several tax events that can occur at death:

  • Deemed disposition — When you die, the CRA treats your assets as if they were sold at fair market value. This can trigger capital gains tax on investments, rental properties, and business interests.
  • RRSP/RRIF rollover — Registered accounts can transfer tax-free to a surviving spouse, but if they pass to anyone else, the full amount is taxable in your final return.
  • Principal residence exemption — Your home can pass to a spouse tax-free, but if it passes to children, the deemed disposition may trigger capital gains.

A well-structured estate plan addresses these tax implications. While your will doesn't eliminate taxes, proper beneficiary designations and ownership structures can significantly reduce the tax burden on your estate. Discuss your tax situation with the professional at your appointment — they can help you structure your documents to minimize tax exposure. For province-specific guidance, see our Alberta wills guide, Ontario wills guide, or BC wills guide. Find your city — we serve Toronto, Lethbridge, Vancouver, and more.