What is the definition of a Will?
A will is a legal document that you write to deal with your assets and minor children’s care if you die. A person’s Will does not take effect until they die. Fewer than half of Canadians have a Will, according to estimates. A Will should be written by any adult who has children or has property.
Making a will may be a difficult task for many Ontarians. According to research by Angus Reid, 65 percent of Ontario citizens do not have a current choice.
The excellent news is that writing a will is much simpler than you imagine!
In Ontario, why do I need a will?
Many have heard “hope for the best but prepare for the worst.” Having a will ensures that you are prepared for the worst-case scenario. On the other hand, your planning will aid your loved ones as they deal with your final preparations and the emotions accompanying your death. Many people are concerned about the health of their families as a result of the current COVID-19 pandemic and are taking steps to ensure that everyone is protected. People are also preparing for the future and considering what measures they should take right now due to the pandemic. It should involve considering whether or not to create or update your Will.
Your family will be obliged to take on the burden of settling your inheritance if you die without a Will, which may not be an easy process. They will need to commit energy, time, and extra funds to get things in order. Even if the procedure goes perfectly, your loved ones will be subjected to more stress at an already stressful time. And things do not always go as we plan them; family members may argue about how your estate should be distributed. It might result in court wranglings and more time and money spent settling your estate.
You have the option to direct how your estate is distributed through your Will. Your instructions can be as detailed as saying who will receive how much money or as broad as identifying those who will split your wealth evenly. Your Will gives you the power to direct specific items to specific people. It ensures that family heirlooms passed down through generations are cared for by the people you choose or that your collection that you spent years building is given to a loved one who will appreciate and care for it, rather than being sold. By laying down how your estate will be dispersed in detail, you may avoid family feuds and make the process of settling your inheritance go more smoothly.
You may plan for and reduce how much of your estate will be taken by the government, either via taxes or judgments, depending on the worth of your estate. In rare cases, the government might seize the majority of your inheritance without a Will, leaving your close relatives with much fewer rights to your money, property, and things.
A will serves many vital purposes.
- If you have children under 18, this Will allows you to choose a guardian and indicate your desires for who will care for your children and their belongings if you pass away.
- It lets you describe how you want your assets split and dispersed when you pass away. It might include anything from your home to your bank accounts and acquisitions and your personal belongings.
- It allows you to select someone to handle your personal affairs and follow the directions you provide in your Will. A personal representative, executor, or trustee is the title given to this individual.
- A Will can also be an essential aspect of estate planning to reduce your tax burden when transferring property.
THE 8 MOST IMPORTANT BENEFITS OF HAVING A WILL
There are several advantages to having a Will. In fact, not having one is a reasonable risk and a horrible decision! We look at Wills in honor of the Ontario Bar Association’s Make a Will Month.
One of the advantages of having a will is the ability to:
- ENSURE THAT YOUR PROPERTIES ARE DISTRIBUTED IN THE MANNER IN WHICH YOU WISH.
The law determines how your inheritance is dispersed if you die while you have no will. While some property is automatically allocated to a spouse or children, the exact allocation is determined by the property’s worth. The only way to ensure that your desires are carried out is to have a Will.
- AVOID A LONG PROBATE PROCESS BY APPOINTING AND ASSIGNING POWERS TO AN EXECUTOR OR ESTATE TRUSTEE.
Choosing a trustworthy and unbiased Executor/Estate Trustee to oversee and manage the distribution of your estate will provide you peace of mind that they will follow your wishes.
- EXPRESS WISHES FOR FUNERAL AND BURIAL ARRANGEMENTS
Although such conditions are not legally enforceable, stating your funeral and burial choices may make it simpler for your loved ones to carry them out, reducing the stress involved with the task.
- DESIGNATE WHO WILL CARE FOR YOUR MINOR CHILDREN BY SELECTING A GUARDIAN.
Should both parents die away, a Will serves as the legal guide for caring for young children.
- KEEP ESTATE TAXES TO A MINIMUM
When it is the time to pay estate taxes, the value of what you leave to family or charity will lower the value of your estate.
- DETERMINE HOW YOUR DIGITAL RESOURCES WILL BE MAINTAINED OR DISPOSED
Your Will can specify what must happen to your online bank accounts and assets, social media accounts, computer or cloud data and photographs, and access to all of the above given to family and friends.
- ADDRESS COMPLEX ISSUES LIKE GLOBAL ASSETS AND PROVIDING FOR DISABLED DEPENDENTS
It is an excellent idea to establish a second Will for assets in a different jurisdiction or nation, such as bank accounts and real estate because there are various tax consequences for such purchases and heirs who live in another jurisdiction. Furthermore, a Will is a valuable instrument for putting in place plans for the care of a dependant with a handicap, as it formalizes the person’s financial and personal care arrangements.
- ELIMINATE THE STRESS OF DEATH’S AFTERMATH ON FAMILY AND FRIENDS DURING A TOUGH TIME
We are Ontario’s top law practice for residential and commercial property co-ownership. Hundreds of customers have relied on us to help them write their own Wills and organize their estates in light of their company and real estate holdings. To discover more about how we may assist you, please contact us.
