Will You Make The Choices – Or Will Someone Else?
There are numerous important reasons why it is essential to prepare a Will.
Even if you don’t believe that your assets are of substantial value, preparing a Will means you can arrange your affairs in advance, in order to suit your wishes and the needs of your family. If you die without a Will – what is commonly referred to as dying "intestate" – your Estate is automatically distributed according to the laws of the Province of residence and, in certain 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 for the first 90 days after your death.
- 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 can minimize certain income tax consequences.
- You can minimize certain estate administration taxes (formerly referred to as "probate fees").
- You can minimize certain effects of the Family Law Act on your beneficiary (if separation occurs).
- You can minimize the stress involved for relatives searching for a Will that doesn’t exist.
Our Wills, Trusts and Estates team is ready to help you. To consult with a member of our firm confidentially, please email us or call 877-612-1123.