Wills are important for protecting all that you’ve worked for and providing your loved ones with peace of mind. Passing away without a will can create a host of problems that your family will have to deal with by themselves. Here are 5 key considerations everyone should keep in mind regarding wills:
- They Ensure Your Assets Are Distributed How You Want
If you have any property at all that you intend to pass down, a will ensure that it gets passed down according to your wishes. If you have a cottage that you want to pass down to a specific child or grandchild, or a even a family heirloom – without a will, everything you own will be divided according to the Provincial government. If you want to leave a special legacy for your loved ones, it’s important to enshrine these wishes in a well-drafted will that cannot be contested.
- They Appoint an Executor Who Will Manage Your Estate
One of the main things a will does is appoint an Executor (also called an Estate Trustee). This person will manage your affairs, pay your taxes, go through your records and documents, and act in your capacity with respect to everything that you own. Needless to say, it’s a very important role. It’s essential you appoint someone who is mature, responsible, and trustworthy who will uphold your wishes. If you die without a will, you will have no choice in who this person will be and it may end up being someone outside your family, if the Court cannot find any suitable person within your family.
- Your Estate Will Be Frozen
When you pass away without a will, all of your bank and investment accounts will be frozen until an Executor is appointed by a Court. If you have a will however, this will speed up the time it takes to have your Executor given the Certificate of Estate Trustee (which acts as proof to banks and other institutions that your Executor was approved by the Court). This lets your family get much needed access to your accounts as soon as possible.
- You Can’t Set Up Trusts for Your Kids
If you die without a will, any children or beneficiaries you have will get their inheritance at age 18. If you think about the average financial savvy of an 18 year-old, its clear why this may be a problem. Having a proper will in place lets you set conditions on the inheritances to your kids, which can be heavily customized for their protection and proper upbringing, and to ensure they receive their inheritance at a more reasonable age, such as 25 years old, and upon certain conditions which you specify, such as having graduated University or stayed out of trouble with the law.
- Preserving Your Legacy for Your Family
When you pass away, your life becomes a closed book. All that you left behind is subject to judgement. If you’re lucky you may have some assets, heirlooms, and investments to leave behind. Without a well structured will however, your family will have to deal with a lot of stress and headache to ensure they can enjoy what you’ve left behind for them. Having a will is not only about passing away on your terms, but also about defining how you are remembered by your loved ones.
Contact Omnia Law today for a free 30-minute consultation, where we can discuss your specific estate planning needs and get started on drafting you a will worthy of everything you’ve worked for.