Do I Need a Will?
I don’t have many assets. I don’t have children. I’m not elderly or sick. Do I really need to make a will?
This is a common question many people ask when it comes to estate planning. Some people assume that only those with substantial wealth, young children or health concerns need a will, but the truth is that everyone can benefit from having one. A will isn’t just for the elderly or the wealthy - it’s for anyone who wants to ensure their wishes are respected and their loved ones are cared for after they’re gone.
So, why do you need a Will?
To Ensure Your Wishes Are Followed
Without a will, the law will determine how your assets are divided, which may not align with what you would want. If you want to leave specific items to family members or friends, ensure certain people inherit from you (or don’t), or wish to make arrangements for a beloved pet, a will is essential.
To Appoint a Guardian for Your Children
If you have minor children, a will allows you to appoint a guardian to care for them if something happens to you. Although the court will ultimately decide on guardianship based on the best interest of your children, appointing a guardian in your will ensures that important decisions regarding their care can be made in the interim.
To Avoid Family Disputes
One of the most common causes of family conflict after a death is uncertainty about how assets should be distributed. A clear and well-drafted will can help prevent misunderstandings and arguments among family members.
To Minimize Delays and Expenses
Obtaining probate (which is usually required to distribute assets after death) can be time-consuming and costly. Having a will simplifies the probate process, saving your family both time and money.
To Protect Your Assets
A will allows you to make provisions for your loved ones, ensuring your assets go to the people you care about most. Without a will, your estate may be divided according to the laws of your province, which could mean that assets go to individuals you may not have intended.
What Happens If You Don’t Have a Will?
If you die without a will, your estate will be distributed according to the laws of intestacy. This means that your assets may not go to the people you would have chosen. Additionally, if you have minor children, the court will need to determine who takes care of them, which could lead to an outcome that isn’t in line with your wishes.
The absence of a will can also result in a lengthier and more complicated probate process, which can put extra strain on your family during an already difficult time
If you have any questions about making a will, please contact us to schedule a free consultation.
This blog post is for informational purposes only and is not intended to provide legal advice. If you require legal assistance, before taking any action you should contact us or another qualified lawyer to discuss your situation.
