The cornerstone of your estate plan is a will
Author:
News Canada
(NC)—Every
adult should have a will, no matter how large or small their estate. Without
a will, your property will be distributed by means of an impersonal formula
established by provincial laws.
In
essence, this means the government would write the terms of your will for
you.
A
valid will ensures your property will be dealt with according to your wishes
and with a minimum of complications and expense for your estate.
Without
a will, your spouse may not receive as much as you would wish, your heirs
will receive fixed percentages, regardless of their needs, and a Court-appointed
Administrator will handle your affairs.
In
making a will, it is important to give careful thought to what persons, needs
or organizations you would like to benefit.
It
is best to consult a lawyer or notary to ensure your will is properly drawn.
And it's much less expensive than most people imagine.
Here
are 10 reasons for drafting a will.
1.
It's your property: A will guarantees that your assets will be distributed
according to your wishes.
2. Children/Grandchildren: a will provides for the care of your children
who are minors, enabling you to choose a guardian. Should both parents die,
it assures the children do not become a ward of the Court.
3. Speedy settlement of affairs: without a will, lengthy Court delays
could create undue hardship for your family.
4. Estate planning: when skillfully drafted, a will allows you to
incorporate tax-saving measures and avoid unnecessary taxes. This in turns
results in increased funds for your beneficiaries.
5. Simplify the distribution of your estate: by providing a blueprint
and a list of directions, families will not have to guess about what you
wanted.
6. Peace of mind: a certain peace of mind comes from knowing you've
drafted a will that sets out your true intentions.
7. Questions of capacity: if a person loses mental capacity through
Alzheimer's, etc., it's not legally possible to write a will.
8. Supporting your favourite causes: a will assures that you can continue
to help organizations you have believed in during your lifetime such as a
health charity or a human rights organization like Amnesty International.
Remember that without a will, your lifetime earnings will be distributed
through an impersonal formula.
9. Relieving any burden on your family: reviewing the contents and
nature of your estate and making known your decisions ahead of time for its
disposition makes it easier on other family members.
10. Ability to be creative: there are relatively few rules that limit
a Testator's (person who writes a will) ability to make creative, thoughtful
dispositions of property.
To receive a free information package on wills and bequests, please write
to Amnesty International, 312 Laurier Avenue East, Ottawa, ON K1N 1H9.
- News Canada
