The following are some issues to consider in planning your Wills:

Choice of Executor

Below are some issues to be considered in choosing an executor, who is responsible for administering the estate after death:

Appropriate characteristics – trustworthy, financially astute, detail-oriented, comfortable dealing with professionals (See Duties of an Executor)
If children are to be named as executors, whether one or all of them will be named and if more than two, whether a majority decision provision should be included
Residence of Executor – if the executor lives outside a Commonwealth jurisdiction, the executor may have to post a bond to act. If the executor lives outside of Canada, tax implications need to be considered especially if a trust is established in the Will
Compensation of the executor – generally, an executor is entitled to a percentage of estate assets that are brought into the estate (2.5%) and a percentage of the assets when they are distributed to the beneficiaries (2.5%). The Will can modify this by stipulating that no compensation is to be paid to the executors (e.g. if they are children who will be beneficiaries) or that a cash gift be paid to the executor

Personal Effects

Below are some ways in which personal effects (including furnishings, art, jewellery, cars, musical instruments, clothing) can be dealt with in a Will:

Specific personal effects such as a car, art, or jewellery can be given to named beneficiaries in the Will
Beneficiaries can be directed to divide personal effects as they agree, and any personal effects that are not agreed upon can be directed to be sold or disposed of with the proceeds of sale added to the estate
If a beneficiary (such as a grandchild) is under the age of 18 years, the executor or parent of the child can be authorized to hold the personal effects for the beneficiary until he or she reaches the age of 18 years
A formal list (legal memorandum) can be made separately from the Will which lists beneficiaries of specific personal effects. The memorandum can be incorporated as part of the Will and if so is legally binding on the executor
An informal list (precatory memorandum) can be made separately from the Will which lists beneficiaries of specific personal effects. An informal memorandum can be made (and changed) at any time and is not legally binding on the executor

Designations of Registered Plans and Life Insurance

Any designations of beneficiaries on RRSPs, RRIFs, TFSAs and life insurance on the plan documents with the financial institutions should be determined
The Will can include a designation or declaration of beneficiary if appropriate
Designating a beneficiary (other than the estate) on a plan or in the Will will save estate administration taxes (See The Process of Probating a Will)

Cash Gifts

If a cash gift (called a “legacy”) is being made in the Will, below are some issues to consider:

When the gift is to be paid (for example, in the case of a couple, whether the gift is to be paid on the death of the spouse or only when both spouses are deceased)
What happens to the gift if the beneficiary dies before you (for example, whether the gift lapses or is paid to that person’s children)
If the gift is to a charity, whether the gift should be made to a successor or similar charity if the charity’s name changes or if the charity amalgamates with another charity or ceases to exist

Residue of Estate

The residue of the estate (assets that are left after payment of debts, taxes, and legacies) can be distributed immediately or held in trust for one or more beneficiaries.

If the estate is to be distributed immediately after death, consider the following:

the beneficiaries and the proportions to be distributed (for example, to adult children in equal shares)
the alternate beneficiary of the share if the beneficiary has died before you (for example, if a child has died before you, whether their share is to be divided among their children in equal shares)

There may be circumstances where a trust should be in a Will for an adult child. Some reasons for having a trust for an adult child might include:

disability
inability or vulnerability in being able to manage money
marital difficulties
tax savings by allowing for sprinkling of income among extended family members (See The Use of Testamentary Trusts in Estate Planning)

Trusts for Grandchildren

If there are no trust terms in a Will, a grandchild will be entitled to the estate upon reaching the age of 18 years. Including a trust in the Will allows the postponement of the distribution of a grandchild’s share of the estate for a period of time after death. Some of the considerations for the trust terms to be included in the Will are set out below:

The trustee of the trust (it may be appropriate to name the parent of the child as the trustee of his or her child’s trust)
The length of the trust – for example, the age or ages at which the grandchild receives his or her share of the estate (for example, one-quarter at age 21; one-half the remainder at age 25, and the rest at age 30)
The authority the trustee will have to distribute the income and/or capital in the trust to the grandchild for his or her benefit for the duration of the trust

Common Disaster

If all the beneficiaries (parents, children, and grandchildren) die, it may be advisable to name alternate beneficiaries

Definition of Children

The law in Ontario recognizes a child born within a marriage, an adopted child, and a child born outside marriage as a child and beneficiary of an estate. The law does not recognize a step-child. The Will should address the definition of children.

Funeral Instructions

A Will can include wishes with respect to funeral arrangements, such as a wish to be cremated, a wish to be buried in a particular cemetery, or a wish that a certain funeral home be used for the arrangements. If no instructions are specified, the executor is responsible for the funeral arrangements.