Updated: April 2025  |  bremo.io financial guides

Why New Parents Need a Will in Canada

Making a will is one of the most commonly procrastinated financial tasks in Canada — and one of the most important ones for new parents. Without a will, you have no say over who raises your child if both parents die, and a court decides how your assets are distributed. For parents with young children, a will is not optional.

What Happens If You Die Without a Will?

Dying without a will is called dying "intestate." In this case, provincial intestacy laws determine who inherits your assets. In most provinces, your spouse inherits a portion and your children receive the rest. But:

• Minor children cannot legally hold assets directly — a trustee is appointed by the court
• There is no guidance from you on who should raise your child
• The distribution may not match your wishes or your family's needs
• The process is slower and more expensive than with a will

Naming a Guardian

The guardian of your child is the person who will raise them if both parents die. This is the most emotionally important decision in your will. When choosing a guardian, consider:

• Their values, parenting style, and relationship with your child
• Their age, health, and ability to take on additional responsibility
• Geographic location — would your child be uprooted?
• Whether they actually want this responsibility (ask them first)
• Financial stability (separate from who you designate as financial trustee)

You can — and often should — name a different person as financial trustee (who manages the child's inheritance) vs. guardian (who raises the child).

What Else Should a New Parent's Will Include?

• Executor: The person who administers your estate
• Beneficiaries: Who receives your assets, and in what proportions
• RESP and RRSP beneficiary designations: These are handled separately outside the will, directly with your financial institution
• Life insurance beneficiary: Also designated separately — ensure these are up to date
• Specific bequests: Sentimental items, jewellery, etc.

Power of Attorney

While you're making your will, also prepare a Power of Attorney for Property (who manages finances if you're incapacitated) and a Power of Attorney for Personal Care (who makes health decisions). These documents become especially important with a child dependent on you.

How to Get a Will Made

• Estate lawyer: Most thorough; typically $500–$2,000 for a couple. Recommended for complex situations
• Online will platforms (e.g., Willful, Epilogue): $100–$300; good for straightforward situations
• Holograph will: Entirely handwritten and signed; free but no guarantees and not recognized in some provinces

For most new parents with a house, RRSP, TFSA, RESP, and a life insurance policy, a lawyer or quality online platform is worth the cost for peace of mind.

Update Your Will After Major Life Changes

Your will should be reviewed whenever you have another child, move provinces, divorce, have a significant change in assets, or your named guardian or executor is no longer suitable. Marriage revokes a prior will in most Canadian provinces — another reason new parents should create a will after getting married.