My Mortgage Blog

Buying a home is one of life’s biggest financial milestones. It’s also a powerful reminder that it’s time to get your personal and financial affairs in order. If you’re a homeowner and don’t yet have a will, this is your nudge to start the conversation.

A will isn’t just for the wealthy or elderly. It’s a vital tool that protects your loved ones, clarifies your wishes, and helps ensure your most valuable asset—your home—is handled smoothly if the unexpected happens.

Your Home (and Mortgage) Are Part of Your Estate

When someone passes away, everything they own and owe becomes part of their estate. That includes property, vehicles, bank accounts, and yes—even the mortgage.

If you're the sole name on the property title or mortgage, not having a will can complicate things for your loved ones. Without clear instructions, the estate could be tied up in probate for months, causing delays, stress, and extra legal fees.

A legally valid will helps make sure your property is passed on according to your wishes, without unnecessary roadblocks or disputes.

How Your Title Is Registered Makes a Difference

One often-overlooked part of estate planning is understanding how your home is legally registered. There are several ways you might own your home:

  • Sole ownership

  • Joint tenants (typically used by married couples—ownership automatically transfers to the surviving spouse)

  • Tenants in common (each person owns a specific share of the property, which can be passed on independently)

Each setup affects what happens to the home when someone passes away. If you're unsure how your property is registered, it’s a great idea to find out. I can help point you in the right direction or connect you with someone who can review your title.

Don't Forget About Insurance

Along with creating or updating your will, take a look at your insurance coverage. Mortgage life insurance (also called creditor insurance) and personal life insurance can help cover the mortgage in the event of your death, so your loved ones aren’t forced to sell the home under pressure.

Major life changes—like buying a home, getting married, or having children—are all good times to revisit your policies and make sure they still meet your needs.

It’s Not Just About Property

Even if you don’t consider yourself wealthy, chances are you have some assets that matter—like a vehicle, bank accounts, or family heirlooms. A will gives you control over how those assets are handled and spares your family from having to guess at your intentions.

In many provinces, dying without a will (known as dying intestate) means the government decides how your estate is distributed, based on pre-set formulas. This can lead to outcomes you wouldn’t have chosen—and extra emotional strain for your loved ones.

Take the Next Step

If you’ve recently bought a home and haven’t yet created or updated your will, this is your reminder to take that step. It’s not just about protecting your investment—it’s about protecting the people you care about most.

And if you’re not sure where to begin, I’d be happy to refer you to a trusted legal or insurance professional who can help.