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You can leave your property to anyone you want. You can decide to give it to family, friends, charity or anyone else you want.
You can decide that you want to give specific property to named individuals. The Will should be clear on what the property is and who it is going to. Using full names ensures that there is no confusion. For example, a Will might say something like:
To my brother John Brown, I leave my entire stamp collection.
To my only daughter, Sarah Brown, I leave my cabin located at Sandy Shores, Saskatchewan.
I leave $1,000 to my grandson, Joseph Daniels.
It is important to describe specific gifts so that they can be easily identified. If the specific gift no longer exists at the time of your death, the person will not receive anything in its place.
You can also divide your estate generally without making a specific gift. For example, a Will might say something like:
I direct that ½ of my estate be given to my spouse, Pat Green. The remaining ½ portion of my estate is to be divided equally between my children, Robin, Dale and Toby.
The property remaining after specific and general items are distributed is called the residue. Depending on the terms of your Will, there may not be a residue. For example, you could make a Will leaving $10,000 to your spouse with no other specific gifts to other beneficiaries. The residue then is the entire amount of your estate beyond the $10,000. However, whether you think there will be one or not, it is important to include a residue clause. This clause states who the residue is to go to.
If you do not include a residue clause in your Will, and there is property not dealt with in your Will, that property will be treated as if you died without a Will. The rules for distributing an estate when there is no Will are discussed more fully here.
For more information about taxes that must be paid by the estate see Debts & Liabilities of the Estate.
Some property may be given to a named beneficiary and not dealt with in your Will. This could include a Registered Retirement Savings Plan (RRSP) or property that is owned jointly. Your executor or administrator is not responsible for dealing with this property and no estate fees attach to it. However, there can still be tax consequences to the estate if an RRSP is left to someone other than a spouse or dependant. In these cases, the full amount of the RRSP is considered income to the estate and taxes must be paid on it.
Joint property with the right of survivorship also does not form part of your estate. Joint property is property, such as bank accounts and land, owned by two or more people. Generally, joint property includes the right of survivorship. This means that when one joint owner dies, the ownership of the property passes to the surviving joint owner or owners. Joint property with the right of survivorship cannot be disposed of under a Will.
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