Wills and Estates

DO YOU HAVE A VALID WILL WHICH REFLECTS YOUR CURRENT CIRCUMSTANCES? WHY IS IT IMPORTANT?

If you didn’t know the consequences of dying without a will and if you think that you don’t need a will, you will think about it twice when you read the following:

  • Who is going to administer your estate upon your death? If you don’t have a will, you don’t have an executor to do this and that means, delay, expense, frustration and even loss
  • What will happen to your minor children and the assets if you and your spouse both pass away at the same time? Who is going to be the guardian of your minor children? Don’t you want someone you know and trust to do this? If you have a will appointing a guardian that you want, The Public Guardian and Trustee, i.e. the government may be involved in your children’s personal lives.
  • Who is going to decide who is getting what upon your death? Your children may not receive the amounts you want them to have and there is no opportunity for you to provide a trust for them. The government will be involved to decide the children's financial future. When the government is involved, they will also take a portion of your estate as its fee.
  • If you are in a common law relationship, does your spouse inherit automatically?

SOME OF THE GOOD FINANCIAL REASONS FOR MAKING A WILL:

  • You can decide how your assets are shared out - if you don't make a will, the law says who gets what
  • If you're divorced or if your common law relationship has been dissolved you can decide whether to leave anything to an ex-partner who's living with someone else
  • You can decide who do you want to be your children’s guardian
  • You can decide who do you want to appoint to administer and distribute your estate (executor or estate trustee)