Last Will and Testament
Your Will names the person that you trust to wrap up all your affairs. It comes into effect only after you have passed away. The person you name is given the authority (through a Grant of Probate) to pay your debts and make sure that your wishes are respected. This covers everything from who lives in your house, who receives your personal possessions, to who is named as Guardian of your children.
Without a Will, the Court will appoint someone to manage your estate. Your assets will be divided up according to the provincial schedule with no regard for your wishes. The Court may even appoint a Guardian for your children or place them into foster-care.