Making a Will
Will you make the choices or will someone else?
There are numerous important reasons why it is sensible to prepare a Will, even if you don’t believe your assets are of substantial value. Most importantly, by preparing a Will you can arrange your affairs to suit your own wishes, and the needs of your family. If you die without a Will - intestate - your Estate is automatically distributed according to the laws of the Province of residence and in some circumstances, the laws of other jurisdictions where your assets are located.
Some specific benefits of preparing a Will include:
- You choose who will have care and custody of your children
- You choose who will benefit from your estate
- You choose how much each beneficiary will receive
- You choose what specific assets a beneficiary will receive
- You choose at what age children will be entitled to receive their gifts
- You choose who will administer your estate
- You choose whether the estate Trustee (Executor) will be subject to any investment restrictions
- You choose whether to minimize the income tax consequences
- You choose whether to minimize the estate administration taxes (“probate fees”)
- You choose whether to minimize the effects of the Family Law Act on your beneficiary if separation occurs
- You choose whether to minimize the stress involved for relatives searching for a will that doesn’t exist
If you have a question about Wills or would like to speak with one of our will & estates lawyers, please call or us today.