Today, we answer some frequently asked questions about Wills:
Who Should have a Will?
If your answer is ‘yes’ to any of the below questions is when you should have a will.
- Are you single? Married? About to marry or enter into a civil partnership? Do you live with someone?
- Are you divorced or soon to be divorce or dissolve a civil partnership?
- Do you have young children? Do you want to specify who will be responsible for them and provide for them financially?
- Do you want to protect beneficiaries who are too young or vulnerable to receive money before a certain age?
- Do you want to ensure your money goes to who you want, rather than the state deciding where it goes?
- Do you work or own a business or property of any sort?
- Do you want to protect your assets for the next generation?
- Do you want to donate money to your favored charity?
- Do you own a business?
Whether you have many or few assets, and regardless of your marital status, every adult should have a properly drafted and executed Will. You should have a Will because it will reduce delays and expenses involved in wrapping up your affairs.
Why do I need a Will?
Having a Will is not just about who inherits your money, it is also about protection for your family and about you making the decisions as to what happens when you die, so it is better being prepared than leaving it to chance. Whether you are married, have your own property, are getting divorced, have children or live with your partner, a Will ensures that your personal assets pass to the people you care about and want to protect.
What if you die without a Will?
If you die without a Will, the law says that you have died “intestate,” which means that you left no instructions as to how your property is to be divided and distributed. In these circumstances, the Ontario Succession Law Reform Act governs how your property will be distributed to your surviving relatives. This is most likely going to cause lot of hassles for your family in addition to incur thousands in extra fees.
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