If you’ve never considered making a will, consider making one now and keep control over your assets. Every adult should have a will to protect their estate and ensure their loved ones are provided for.
No one knows when they will pass away, but everyone can exercise power over how their financial affairs are managed and how their assets can be passed on when they die. Making a will to ensure your money and other assets pass onto your chosen loved ones on death is a vital part of exerting your power.
By taking specialist legal advice and making a will, you may be able to save – or even avoid – paying certain taxes. A bonus is that your lawyer should be able to give you wider advice on wealth protection during your lifetime in addition to making a will, if appropriate.
Do I need a will if I’m not wealthy?
You should have a will in place whether or not you are wealthy. You can use your will to ensure any items you own, for instance, jewellery, vintage record collections, and antiques, go to the individuals of your choice.
You can use your will to leave even a modest cash gift to a charity or other organisation.
You can also choose the individual/s you would prefer to deal with your estate on your death – and formally appoint them in your will as executors (also known as estate trustees).
If you have children you can (and should) use your will to select a guardian to care for any non-adult child in the event of your early death.
What happens if I have no will?
If you die without a valid will, the Government decides who inherits your estate according to the statutory laws of intestacy. At its most basic, your closest living relatives will inherit your money and assets.
This means someone may benefit from your estate on your death who you would not chose to do so. For instance, if you have a spouse who survives you – he or she may not automatically inherit everything, nor will s/he have the legal right to decide how any property should be divided among any surviving children.
How can we help?
Always use an expert Canadian will lawyer to advise you on your estate, and to draft your will. Only a wills lawyer with substantial experience in this area can provide you with truly effective advice on how best to make your will.
Making your own will, or using an unqualified will drafter is not recommended – poor advice and errors in a will can lead to confusion and potential legal action. The wills and probate lawyers at Rogerson Law Group provide a dedicated personal and sympathetic service to clients seeking to make a will. We have years of experience advising clients on wills and probate. Contact us now for immediate advice.