Exercise your rights with a will
Author:
News Canada
(NC)—Writing
a will is one of those responsibilities many people put off indefinitely.
But the fact is, nobody should be without a will.
A
will gives you the unique opportunity to exercise your rights and to decide
where your assets go. If you make use of this right nothing will be left
open to misinterpretation. Your wishes will be respected.
If
there is no will, your estate will be distributed according to the laws of
the province where you live. These laws are inflexible and may not take into
consideration the care of people or organizations you wish to remember. The
way to ensure your wishes are followed is to have a will.
Aren't
provincial laws adequate for most situations?
No,
because they're impersonal. They don't make exceptions, and property is distributed
according to an all-purpose plan. They may deplete your estate unnecessarily,
for example, requiring that a court-appointed administrator be bonded.
The
laws also 'fly blind' trying to guess your desires concerning who should
be your administrator, or who should be guardian of your children if they
are minors.
They
also cannot make charitable bequests or gifts to causes such as Amnesty International
which you supported in your lifetime. Only a personal will can do that.
Don't
only wealthy people need wills?
This
is a common misunderstanding. In fact the smaller the estate the more important
it be settled quickly to avoid additional expense. This can only happen with
a properly written will.
Don't
only people with troublesome relatives need wills?
Wrong.
Even family members with the best intentions may be puzzled and confused
as to what your wishes may have been in the absence of a will.
Isn't
it expensive to have a will prepared?
Wills
are usually less costly than people expect and definitely less than the emotional
and financial cost of not having a proper will.
Lawyers
charge for their time and knowledge, so the more time you can save them,
the less the cost will be. Here are three simple steps you can take to save
money:
•
make a list of all your property including real estate, bonds, savings accounts,
RRSPs, jewelry, family heirlooms and works of art — everything.
•
list the people you want to provide for, along with their ages, addresses
and their relationship to you.
•
name your executor and alternative executor (preferably both younger than
yourself), and suggest a guardian for your children if they're minors.
To
receive a free information package on wills and bequests, please write to
Amnesty International, 312 Laurier Ave. East, Ottawa, Ontario K1N 1H9.
-
News Canada
