Why do you need a will?

January 27, 2017

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Though it’s not an enjoyable topic to address, a will is one of the most important documents you will ever write. If you have yet write yours, take the time to do so as soon as possible. Having a proper legal will can help prevent potential disputes and issues after you’ve passed, including:

  • If you die without a will, there is no one appointed to administer transfer of your assets to your beneficiaries and there are no beneficiaries named. Provincial law will determine who the beneficiaries are – you have no control over that.  If you have a will, you can determine who gets what.
  • Someone will need to be appointed by the province to administer the estate of the deceased – you have no control over that.  If you have a will you can appoint someone you know and trust to administer the estate – generally someone who is knowledgeable about managing money. 
  • Children of the deceased will have their entitlement from the estate retained and invested by the province until they turn 18.  With a will you can say that you want funds to be invested until the child is an age of your choosing.
  • Who will be the guardian of the children should both parents die?  A will can specify who the guardian is and make allowances to the guardian for the care of the child(ren).  If you have children, prepare a will soon after the first child is born, and review it as additional children are born.