Death is something about which, no one likes to think about. All of us want a long happy life. But we have to agree “Life is uncertain”. We cannot avoid death. So it is really very important to ensure that your loved ones lead a secure life when you are gone and your assets are distributed as you have wished.Contrary to common belief, Wills are not only for people with a great deal of wealth. There are certain fixed laws and guidelines which decides how a person’s property is going to be divided if he dies intestate (i.e. without a will). That might not be the way he wanted or expected it to be. For example, if a person has a living spouse and more than one child, it could make estate settlement a complicated thing and in turn might arise differences between them. This is not the case which anybody will want. Here I have listed few benefits of having a will and the risks of not having a proper will.
CERTAIN RISKS YOU TAKE BY NOT HAVING A WILL
- The court can appoint anyone to be your executor.
- If you are unmarried, then even if you are in co-habit with you partner your assets will be distributed to your relatives and siblings.
- If you have no immediate or close family, distant relatives – rather than close friends or a life partner – will claim the inheritance.
- Your children and spouse have to go through a lot of hassle and frustration to get something they are meant to.
- If your children are minor, they will have a court appointed guardian rather than the person that you would have intend to appoint.
- The process of finalizing your estate might be lengthy, costly and time consuming.
- Capital gains are triggered which become taxable at the date of death.
- Distribution of your estate you have never expected it to be and leaving potential beneficiaries with nothing..
- Having Ontario Law dictate how your Estate is to be distributed.
- If you have no close blood relative, then revenue Canada will become one of your beneficiaries.
BENEFITS THAT ACCRUE TO YOU WHEN YOU MAKE A WILL
- You have the ability to appoint your own executor.
- Planning your estate and who will inherit may help you to minimize the impact of the inheritance tax laws.
- You decide and name your beneficiaries and the way your estate should be distributed.
- You appoint guardian for your infant children
- Prevents a lot of unnecessary hassle and mess for your spouse and children.
- Proper distribution of estate if you are divorced or have children from more than two marriages.
- Special care for handicapped or special children.
- Avoids huge probate fees.
- Everything settled will give you a peace of mind and in turn a healthy and long life.