More than half of Canadian adults don’t have a will in place if the most recent figures are anything to go by. Many people delay making a will for the primary reason that it means facing the inevitable: their own mortality. The wills and estates lawyers at Rogerson Law Group have years of experience advising clients sympathetically and strategically on making an effective will.
Making a will is one of the most important things you can do, whatever your age. As the saying goes: nothing is certain except death and taxes. The problem, of course, is that one rarely knows when death will happen. This is why you should not delay making a will.
It doesn’t matter how little or how much you own Making a will ensures that what you have will be divided according to your wishes, and safeguards your loved ones. You can also appoint someone as your executor (also referred to as an estate trustee) – a person you trust to deal with your estate when you to die. And if you have children under the age of 18, you can also nominate guardians in your will.
Consequences of delay
If you delay making a will and die prematurely without a will in place, the implications include:
- your estate will be divided according to the statutory intestacy rules so that designated beneficiaries will inherit regardless of your wishes
- it can cost money and stress to your family by increasing the chances of family disputes and court battles
- someone you may not like or trust may be appointed to deal with the estate on your death
- your estate may have to pay more money in estate tax which means less money for your beneficiaries
- nothing will go to charity or other organisations that you may support
What should I do?
Start thinking about what you own, your financial circumstances and your family situation. Think about who you would trust to look after your affairs, and who you would prefer to care for any children should you die early.
Even if you already have a will, consider reviewing it. As people’s financial and other circumstances change – their wishes can also change. In addition, as the laws on estate tax and income tax change, an existing will may no longer be as tax effective as it was when originally drafted. Review your will and let us help you decide if you need a fresh will to protect your interests and those of your loved ones.
How can we help?
Many people don’t have a will because they don’t know how to do it, or what they should be thinking about – or they simply don’t want to face the inevitable. Speak with the experienced Estate and Wills lawyers at Rogerson Law Group for sensitive but strategic advice on making your will. We can also advise on other aspects of wealth protection where necessary.
Rogerson Law Group provides estate litigation services in the entire GTA including Toronto, Scarborough, Mississauga, Vaughan, Brampton, Richmond Hill, Etobicoke, and Barrie and surrounding areas with offices located in downtown Toronto, Barrie, and associated offices in Ottawa.
Contact us now at firstname.lastname@example.org
Read Andrew Rogerson’s article The Importance of Having A Will, Who Gets The Airmiles…….?