Each year in Canada, billions of assets are transferred at death. If you intend to transfer all or part of your assets to your beneficiaries, you want to make sure that it goes to the people you selected and in the manner you intended.

Unfortunately, wealth transfer doesn’t always occur as planned. This article outlines some common mistakes that can occur when trying to transfer wealth.¹

Not having a will

A basic and all too common mistake is failing to have a will. A will communicates your intentions and allows you — and not the government — to determine how your assets will be distributed on your death. Having a will can make administration of your estate easier and can help you save taxes. It also allows you to choose the executor of your estate and the guardians of your children. For more information on wills, see Wills 101 (national edition)

Will drafting errors

Having a properly drafted will is important, to say the least. But there are a few things to consider that you might not be aware of.

If you’re thinking of using a handwritten will (also known as a holograph will) or a do-it-yourself will (also known as a stationary will), be wary. Often, there are problems with interpreting your instructions if they’re not clear, or they may not comply with provincial statutory requirements. Such issues may invalidate the will or…

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