Wills
- Why Do I Need One?
Author:
(Part 1 of 4 by James Newland)
One
of the cornerstones of any estate plan is a valid, current and effective
will.
Unfortunately,
a recent survey found that only 51% of adult Ontarians has a will, and that
number was heavily weighted towards elderly persons who have already lost
a spouse. This means too many people are waiting far too long before considering
their will.
Most
people know intuitively they are supposed to have a will, but they put it
off because of a lack of urgency, confusion about the process, uncertainty
about cost, and the general unpleasantness of contemplating one's own demise.
But
there are several important reasons to have a will. In general, the will
provides for the economical, accurate and orderly transfer of property on
death. More specifically, a will allows an individual to decide who will
be the executor, who will get any specific items or amounts from the estate,
and who will be the guardian for any dependants.
Without
a valid will, these decisions will be made by a judge pursuant to the terms
of a provincial statute.
