After spending years building a better future for you and your loved ones, dividing up your assets is an important step to consider. Whether it’s your home, investment portfolio, or personal items like jewellery and artwork, our Inflation Calculator CPI tables highlight how goods appreciation remains steady across the country.
And with creating a will ensuring these items are left to the people that matter most, which companies should you trust when planning your estate?
Why Do I Need a Will?
A will ensures your property and possessions – called your estate – are distributed according to your wishes. Even if you don’t own many assets, it’s wise to create a will so you can name an executor and allow that person to make decisions on your behalf after you die.
Conversely, if you die without a will, “intestate” applies, which means your assets are divided up according to the default provincial rules where you live. In other words, the courts decide who manages your affairs, and the final decisions may contrast your desired outcomes.
The Government of Canada notes how “It pays to get professional advice when preparing legal documents such as a will.” Therefore, obtaining guidance from reputable online resources reduces the chances of regretful decisions.
Epilogue Wills
In as little as 20 minutes, Epilogue Wills lets you create a legally binding document that ensures your wishes are met when you pass away. You can complete the three-step process online and Epilogue Wills does the rest. It works like this:
- Answer a set of questions to determine how to bequest your assets.
- Epilogue Wills turns the answers into a legal document.
- Sign your name where necessary to complete the process.
The company was founded by two former estate lawyers who believed there was an easier way to help Canadians prepare for the later stages of their lives. And by collaborating with the Royal Bank of Canada (RBC), Epilogue Wills partners with the largest financial firm in the country.
How Much Does Epilogue Wills Cost?
For individuals, Epilogue Wills charges $139 for wills and $199 for wills and incapacity documents. The former covers the legal process when you pass, while the latter includes your wishes if you suffer a mental illness and are unable to make decisions on your own. For couples, the costs increase to $269 and $329, but the following benefits are included for all plans:
- Customize your will to fit your needs
- Make funeral arrangments and burial plans
- Name and notify the executors who will follow through with your wishes
- Update your documents for free whenever you want
- Register your will with the Canada Will Registry (an $80 value)
For incapacity plans, additional benefits include:
- Appointing someone to manage your finances if you’re incapable
- Appointing someone to make healthcare decisions if you’re incapable
After the process is complete, you can print the documents at home or request Epilogue Wills to mail them for free.
Willful
Designed to save Canadians time and money, Willful is perfect for standard wills that don’t require complex trusts, business succession planning, or arrangements for overseas assets. The company has estate lawyers in each province, and it’s been approved by the Law Society of Ontario. In addition, the firm partners with well-known institutions like Scotiabank, Sonnet, CAA, and Wealth Simple.
Like Epilogue Wills, you can complete the process in as little as 20 minutes, and you can review the documents for as long as you want before paying.
How Is Willful Priced?
If a simple will is all you need, Willful has a $99 option that allows you to create the necessary documents and register with the Canada Will Registry. If you want to name a power of attorney for health and property purposes, its $189 option allows for a more granular approach. For couples, its premium $329 option lets you create separate documents for both spouses. Essentially, the $329 option is the same as the $189 option but covers two people instead of one.
From a pricing standpoint, Willful and Epilogue Wills are identical for couples, so either option should fit your needs.
LegalWills.ca
As the most established name on our list, LegalWills.ca has been in business for more than 24 years and is trusted by over two million Canadians. Like Willful and Epilogue Wills, 20 minutes is all you need to complete the process, and you can save hundreds of dollars in lawyer fees by creating the documents online.
Furthermore, LegalWills.ca is a cheaper option than Willful and Epilogue Wills. For example, you can create a standard will for $49.95, which is less than half of what Willful charges. Likewise, premium plans range from $69.95 to $129.95, and even the most expensive option for two people works out to less than $260. In contrast, Willful and Epilogue Wills charge $329. LegalWills.ca premium plans include:
- Last Will and Testament
- Funeral Wishes
- Power of Attorney for Finances
- Living Will (Power of Attorney for Health Care)
- Life Locker
- Digital Vault
In addition, you can make unlimited free updates for one year, and customer service is always available through phone, chat, and email.
Canada Wills
If you only need a basic will and prefer a free option, Canada Wills relies on donations and won’t ask for a credit card. The company boasts the following benefits:
- Guaranteed Privacy
- Keep Your Gifts Your Secret
- Receive Your Will by E-mail
- Print/Save Your Will (PDF)
- Don’t Forfeit Your Money to the Government
- Includes Digital Assets, Pet Trusts, and Guardianships
The product may be beneficial for Canadians experienced with creating legal documents, because it may be difficult to obtain customer service. As a result, if you prefer hands-on guidance, the paid options above may be a better fit for you.
How Are These Companies Rated?
Rated 4.4 out of 5 with 31 reviews on Trustpilot, Epilogue Wills has support from satisfied customers. Some testimonials read:
- The Epilogue platform is very user-friendly and made the process of developing a will far less harrowing than I had imagined. I heard about the service through my bank, which helped me feel confident that the process was vetted and professional. I was able to work through what I needed to cover at my own pace by saving the document and returning to it over a period of time. Online support was fast, friendly and helpful and the service was very reasonably priced.
- This service makes planning your final wishes easy. It’s a daunting idea to have to make a will, but Epilogue’s simple interface takes all the guessing out of it. I would recommend this service to young people as well as anyone who wants a fast, affordable legal will without all the jargon.
Even better, Willful has a 4.5 rating out of 5 with 1,236 reviews on Trustpilot. Some happy customers said:
- I was impressed how easy it was to complete the will. The program was easy to understand. I was able to navigate back to questions I had reconsidered my answer for. I made the changes and continued onward. I’m relieved I have a will, expressing my wishes in plain English.
- The process was an easy one. Very clear and no problem filling it out. It certainly gives me some peace of mind to know that my affairs will be taken care of when I’m gone.
Finally, LegalWills.ca has a 4.7 rating out of 5 with 3,989 reviews on Trustpilot. Some testimonials stated:
- The fact that this is an established company with a long history has made it a bit more trustworthy than other online companies. Mine is a simple will and Legal Will’s step-by-step prompts made the process much easier to complete. It is also a more affordable option than paying a lawyer $800 to complete a simple will.
- I found the whole process very comfortable and easy to follow. The questions that were asked along with the instructions and follow up were great. The value of the product is well worth it.
Conclusion
With Canadians demonstrating overwhelming support for Epologue Wills, Willful, and LegalWills.ca, all three are worthwhile solutions to plan your estate and ensure a smooth transition of assets. Moreover, with LegalWills.ca being the highest-rated of the three and the cheapest option, it could be the perfect place to begin your search.
Alex Demolitor is a Canadian financial writer hailing from Halifax, NS. Alex has a Bachelors Degree from King's College and passed the CFA Exam Level III. He specializes in fundamental analysis of the stock, bond, commodity, and FX markets. He also covers US & Canadian economic indicators.
