WHY DO I NEED A WILL?
A will is a very important document which directs your executor on exactly how you want your assets or estate to be managed and distributed after your death. Without one, the distribution of your estate is determined by default rules established by the Succession Law Reform Act that may not provide for your loved ones in the way you would have wanted. Failure to draft a will can also lead to uncertainty for your family after death in terms of who should be the one to administer your estate and act as executor and take the legal responsibility for dividing your property, leading to an increased risk of conflict. A properly drafted will by your lawyer ensures your wishes are followed as to who should inherit what assets and who should act as a guardian for any children under the age of 18. In addition, a lawyer’s records will provide valuable evidence of your intentions at the time your will was prepared which will be very helpful.
The cost of having a lawyer prepare a will is relatively minimal compared to the problems that can arise by failing to have one. To ensure your estate is dealt with in an orderly fashion plan ahead and have a will prepared. Call Kelly Greenway Bruce today for an appointment to begin this process and let the firm that cares build a future for you.
A Will is a document in which you set out the way your assets are to be distributed upon your death. Having a Will alleviates any uncertainties your next-of-kin may face, as a result of your death.
In your Will, you can:
-Appoint a Guardian for your children, until they reach the age of majority
-Establish a trust for minor children that may be invested by a trustee, appointed by you, until they reach a certain age when the account will be given to them. This trust can also be used to make payments for their education as they grow up, but before they are entitledto receive the funds.
-Provide special gifts or legacies to individuals or organizations
-Provide specific funeral directions
The above information is of a general nature and is not intended to provide legal opinions. Readers should seek professional legal advice on the particular issues which concern them. We would be pleased to elaborate on any information contained above and how it may apply to your specific circumstances.