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A Will is a document which states how an individual's assets will be dealt with after death. A Will must be made in accordance with the requirements of the Wills Act in Alberta (or the appropriate act in other jurisdictions) in order for it to be valid. There are two types of Wills: a formal will and a holograph will. The formal will is usually drawn up by a lawyer for the individual (who is called the Testator) and it must have two witnesses to the signature of the Testator and who also must sign the Will; a witness cannot be a beneficiary to the Will. This type of Will is the preferred type as the formalities of making a Will are complied with and the witnesses can be questioned later about the circumstances of making the Will if someone questions the Will or the Testator's capacity to make the Will. The holograph will is a will which is entirely in the Testator's handwriting and does not have to conform to all the formal requirements in the Wills Act. This type of Will can cause problems as often the information in the Will is incomplete or there is difficulty in proving that the Will is the Testator's Will and that it is in the Testator's handwriting.
A Will primarily deals with the division of the Testator's property. However, a Will can also deal with issues such as guardianship of infant children; setting up trusts for children, other family members or other purposes; managing assets or continuing business enterprises; and family tax planning. In the Will, the Testator appoints an Executor, and usually an alternate, who is responsible to make sure that all the provisions in the Will are followed and the assets are dealt with according to the Testator's wishes. This responsibility takes a lot of time and attention, especially in the first year after the Testator's death, and choosing an Executor is an important decision to ensure that the person appoint is capable and willing to take on the job.