Wills and Estates

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 very important to ensure that your loved ones lead a secure life in your absence, 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 will be divided if they dies intestate (i.e. without a will). Which may not have been the intention. For example, if a person has a living spouse and more than one child, it could make estate settlement a complicated matter and in turn might arise differences between them. This is not the best case scenario. Below are listed a few benefits of having a will and the risks of not having a proper will.

CERTAIN RISKS YOU TAKE BY NOT HAVING A WILL

  1. The court can appoint anyone to be your executor.
  2. If you are unmarried, then even if you are in co-habitation with you partner, your assets will be distributed to your relatives and siblings.
  3. If you have no immediate or close family, distant relatives – rather than close friends or a life partner – will claim the inheritance.
  4. Your children and spouse have to go through a lot of hassle, frustration, and cost to receive something they are meant to.
  5. If your children are minors, they will have a court appointed guardian rather than the person that you would have intended to appoint.
  6. The process of finalizing your estate might be lengthy, costly and time consuming.
  7. Capital gains are triggered which become taxable at the date of death.
  8. Distribution of your estate you have never expected it to be and leaving potential beneficiaries with nothing..
  9. Having Ontario Law dictate how your Estate is to be distributed.
  10. 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

  1. You have the ability to appoint your own executor.
  2. Planning your estate and who will inherit may help you to minimize the impact of the inheritance tax laws.
  3. You decide and name your beneficiaries and the way your estate should be distributed.
  4. You appoint guardian for your infant children
  5. Prevents a lot of unnecessary hassle and mess for your spouse and children.
  6. Proper distribution of estate if you are divorced or have children from more than two marriages.
  7. Special care for handicapped or special children.
  8. Avoids huge probate fees.
  9. Everything settled will give you a peace of mind and in turn a healthy and long life.