WILLS:
A Will is an important step in planning for your future. It allows you to determine exactly how, and to whom your Estate will be distributed, after you pass away. If you have children, a Will also enables you to name a guardian. Keep in mind, that if you have a named beneficiary on a registered savings product (RRSP, RRIF, TFSA), OR if you have life insurance, OR if there is joint ownership on a property or an account, then these do not have to be included in your Will.
It is a good idea to have both a Will and Life insurance, as they each serve different purposes. If you happen to have multiple children, then you would certainly want to spell out how your savings, property, and belongings will be divided; BUT you would also want to have life insurance in place, to cover a potential tax burden, or outstanding mortgages or other debts.
It is also a good idea for a single person to have a Will, as you would want to specify the distribution of your Estate, especially if there are no spouse or children involved. And again, life insurance is an option to fund a taxes, probate fees, or debts.
A Will, in BC, takes anywhere from 8 months to 2 years to settle and for the Estate to be distributed. Typically, life insurance payouts take anywhere from 3 to 6 weeks. Given the relative quickness of insurance claim payments, this option makes a lot of sense especially if there are survivors who continue to live in a home with a mortgage.