Making a will gives you peace of mind knowing your assets will be distributed according to your wishes and your dependents will be looked after by a guardian that you can rely on to care for them.
And creating your will is a lot easier – and more affordable – than you might think! In this article, we’ll explore the cost of a will in Ontario, the different ways you can make a will, and which option may be the best for your own situation.
Average cost of a will in Ontario
How much does a standard will cost in Ontario?
Depending on what type of will you create and how complex it is, the average cost of making a will in Ontario can range from $0 to $500 CAD. Here’s a breakdown of different types of wills and their average costs for a simple will for one person:
How much do estate lawyers charge for a will?
According to the most recent Canadian Lawyer legal fees survey, the average cost for a simple will made by a lawyer in Ontario is $503. If you have a complex estate or would like to make custom clauses in your will, a lawyer may charge you around $1,000.
Factors influencing the cost of a will in Ontario
There are a few factors that can affect the cost of your will, including the number of adults creating wills, estate and will complexity, type of will, where you’re located, or whether you’re bundling your will with other estate planning documents.
- The number of wills being made: Each adult needs to make their own will. Sometimes a lawyer or other service may charge the same for each will. With Willful’s Premium x 2 plan, you save on each will instead.
- Estate & will complexity: Things that make your estate complex can include family status, for example, being separated but not divorced from your spouse, wanting to create a trust other than a testamentary trust or a specific type of testamentary trust (Henson Trust, Spousal Trust, etc.), creating dual wills, disinheriting family members, or adding complex clauses.
- Type of will: Depending on your wishes and situation, certain types of wills may be more suitable than others. For example, Willful is a great solution for simple estates and wills, while lawyers are great for estates where you need tailored legal advice or complex clauses. Holographic wills are simple as well, though you cannot use any mechanical device (such as a computer, typewriter, smartphone, etc.) to make them and must write the will entirely by hand.
- Location: While holographic wills are the most affordable type of will, they are not legal in some parts of Canada, like BC or PEI. The average cost of a lawyer can also vary from region to region as well.
- Part of estate plan package: You may receive a discount if you purchase your will as part of an estate plan package with power of attorney documents, asset lists and more. See Willful’s complete estate plan options here, starting at $189 →
Average costs of wills and trusts in Ontario
The average cost of a will in Ontario is around $503, while the average cost of a living trust is significantly higher at around $1,000 or more. This is because wills can range from basic, fill-in-the-blank templates to complex, multi-faceted documents, whereas trusts involve more legal complexity. Living trusts also require more time and effort from lawyers to set up and administer, resulting in higher costs.
Avoid these hidden costs when making your will
How to choose the right solution for you
Now that you’ve got a better understanding of the different types of wills available to you in Ontario, which one should you choose?
Questions to ask yourself before deciding
1. How complex are my assets and financial situation?
If you think you may need a lawyer’s advice to navigate complex assets and laws related to your assets, you may want to create a will with a lawyer. Whereas if you have a simple estate and straightforward wishes, a DIY kit or online will platform may work perfectly.
2. Do I have any unique family circumstances or wishes that need to be addressed?
If your family dynamic contains blended families, estranged relatives, or dependents that you’d like to establish Henson trusts for, a lawyer may be the most helpful for your needs. But if you just want a testamentary trust for beneficiaries until they reach a certain age, you can easily create one with a Willful will.
3. What is my budget?
If you know exactly what you want to state in your will and know how to write it in a way that reflects your wishes, a holographic will is the most affordable type of will you can make. But if you can afford it, you’ll get more accessibility and better guidance with an online will platform like Willful. If you have a bigger budget, an estate lawyer can guide you through the estate planning process, give you advice on your estate, and draft your will for you too.
4. How quickly do I need my will to be prepared?
If time is of the essence, a holographic will may be your quickest option. You could also get your will done with Willful in as little as 20 minutes, start to finish, or use a lawyer who can accommodate urgent situations.
5. How much personal guidance and legal advice do I need in the process?
If you need the maximum level of guidance and legal advice, a lawyer can be very helpful. If you’d like legal information but not personalized advice, Willful easily guides you through your documents and has a team of certified estate planning experts you can reach by phone, chat, or email.
Create your will with Willful
Willful is an online will platform that offers personalized and comprehensive estate planning documents in an easy, affordable, and accessible way. To date, we’ve helped Canadians create over 300,000 documents.
If you choose to make your will with Willful, you pay $99 and get:
- A will approved by lawyers in your province
- Free unlimited updates to your will
- Access to an estate planning certified support team
- Free registration with the Canada Will Registry ($40 value)
- 30-day money-back guarantee
Making a will is an essential part of creating your estate plan. Tomorrow is never guaranteed, but you can make the most of today by documenting your wishes and giving yourself – and your loved ones – peace of mind.
