PART ONE: What is a Will, and Why Do I Need One?
Why Should You Make a Will?
I am often asked by clients, friends, and family members “What is a Will, and why do I even need one?”. In this blog post, I will answer this common question.
PLEASE NOTE: This article is for general information only and is not to be construed as legal advice. Please contact the author / Boardwalk Law LLP for a consultation if you would like to get legal advice on your personal circumstances.
Our firm is happy to help you create a Will or make changes to your existing Will.
What is a Will, and Why Do I Need One?
A Will is a very important legal document. When you die, the Will announces to your loved ones, the government, and the courts, what you want to happen to your assets.
Your Will lets you:
- Choose the person that will be responible for carrying out your wishes. This responsible person is called your Estate Trustee (also known as your “Executor”).
- Choose your beneficiaries – who will inherit your assets, and what that person will get.
- If you have young children (under 18), your Will lets you choose who should be the “Guardian” who takes care of your children if you die.
Reasons for Making a Will
Making a Will is an essential part of creating an effective plan for yourself and your loved ones. It will help to minimize taxes and potential claims that might arise after your death. After your death, your Will speaks for you may help you accomplish the following objectives:
- Make a difficult time for your loved ones easier
- Appointing an Estate Trustee – this person is responsible for managing your assets, paying your debts, filing taxes, and distributing your assets to your loved ones.
- Recommend a Gaurdian who will take care of your children after your death.
- Provide for the welfare and security of your family.
- Secure the efficient continued management of your property.
- Name Beneficiaries – the people who will inherit your assets, including specific sentimental items like family heirlooms.
- Prevent bitter family battles.
- Simplify the legal process.
- Protect the family home or business.
If you have Will, your family will have a much easier time carrying out your wishes. The government and courts will generally accept the instructions set out in your Will. The person appointed in your Will as your Estate Trustee will be able to deal with your assets, pay your debts, and distribute inheritence to your beneficiaries. In short, have a well-prepared Will makes the Estate Trustee’s job faster, and reduces the burden on your family.
Drawbacks of NOT Having a Will
If you die without a Will, this is called dying “intestate”. Your family will need to get approval from the estate court before they are allowed to deal with your assets. Without a Will, the estate court will make decisions for you:
- Who will be your Estate Trustee. If you didn’t have a Will the court usually picks your “next of kin” to be Estate Trustee.
- Who can or cannot be inherit your money, and how much they are entitled to receive.
- Who should be the Guardian of your children under 18.
This can cause unneccessary stress and delays for your family because:
- The court’s decisions might not reflect what you would have wanted.
- The court can take a long time (3 months or longer!) to make decisions.
- Your “next of kin” might not be someone you want to manage your assets, especially if you are estranged from that person.
- Since you have not left clear written instructions to your family through a Will, this may lead to bitter family disputes.
What Should I Do Next?
If you are worried about the drawbacks of not having a Will, please contact Gordon Duy The Vuong, Associate Lawyer at Boardwalk Law to learn more and/or to get your Will prepared: [email protected] / 905.798.6731.
Gordon’s 5-Part Wills + Estates Series
Thank you for taking the time to read this post.
If you enjoyed this article, please stay tuned to Boardwalk Law’s blog and updates. In the coming weeks, Gordon will address the following related topics:
- How should I choose my Estate Trustee (Executor)?
- What should I include in my Will?
- Why should I have a Power of Attorney?
- When should I change my Will?
