Having a will gives peace of mind that you know what will happen after you've passed away.

Though a lot of people who have one, don't keep them current.

Talon Regent, Owner of Regent Law, said reevaluation of a will is just as important as having one.

Talon Regent of Regent Law."I would suggest that people reevaluate their will every time something substantial changes in their life. When the get kids, if a loved one passes away that was previously in the will, if you develop new relationships that you value and you want those new people in your life to get a share of your estate. At any major change prior to marriage is another important one. Because when you get married that will nullify any previous will that you have, unless the previous will specifically indicates that it's drafted with the intention of getting married."

A recent survey showed that less than 50% of Canadians have a will at all, and Regent said everyone should have one drafted.
"A will is important because it communicates your desires upon your passing, and how your property is to be dispersed between your beneficiaries. If you don't produce your own will, then it falls to the Intestate Succession Act. And at that point, the government is dictating how your assets are to be divided. And that might not be the way you want your assets divided."

Some situations require decisions to be made prior to someone passing away, and that's where a power of attorney comes into play.
"A power of attorney provides somebody other than yourself with the ability to make decisions on your behalf. And that can be very broad in range. A power of attorney might only be for a very specific purpose. A much more general power of attorney might be able to open and close bank accounts, pay off mortgages, sell houses. It might also include personal decisions. If a person no longer has the capacity to make decisions for themselves, by virtue of a disability, or maybe they're out of the country. But in those cases when a person can't make decisions for themselves, then the power of attorney can provide another individual with the authority to make decisions about their care."

In terms of children, it's vital to lay out guardianship and who will care for them if something happens. It's not uncommon, said Regent, for both parents to pass away at the same time.
"It might be in a car accident or some other tragedy, and then the kids are left alone. And if their guardianship is not dictated in the will then it falls the the public guardian and trustee to figure out. And again, you want your intentions known. You as a parent are going to have a much better understanding of who's well equipped to look after your children. Much more than the government will."

A quirky area when speaking of wills deals with animals and pets, and it's not what people expect.
"As far as the law is concerned, it's very cold, they're considered property. So it's important for you if you don't want them considered property, you need to lay out how your pets should be looked after after your passing. Some people, if the pets are old, and their quality of life is diminishing anyway, they might have the pet put down and buried with them. For other pets, they might be young and full of life and energy, and so a pet owner might dictate who will get the pet. And that person will also get a stipend per month or per year from the estate, and that money will be used for the benefit of the pet. Whether it's providing food, clothing, beds, any medical bills that the pet might need."

Regent recommends not only that everyone have a will drafted, but that they use a professional, for they know more about the nuances of the process.
"It's a very painless process. It usually takes 2 meetings. One where you meet with the lawyer, you explain what it is that you want to have happen, have a bit of a conversation about what your estate looks like. The lawyer will provide some advice on avoiding probate fees, potentially avoiding some taxes. And from there the lawyer drafts up a will. And you have a second meeting to sign that will. That is standard process, when it comes to interactions with a lawyer for drafting a will. People do try to draft wills on their own, and I strongly caution against that. Despite my bias as a lawyer, I strongly advise against drafting your own will because there are some tricky neuances to it that many people aren't aware of when they pick up a draft your own will kit. Lawyers can certainly add value. If a person is doing their own will from a kit, they won't necessarily get the same quality of advice on how to avoid those probate fees, estate fees. A lawyer can really be worth their money."