- A Will is a final expression of your wishes for your estate. It takes effect upon your death.
- Only half of Canadians actually have a Will. When you die without a Will, the law directs how your property is distributed.
- A Will can help to manage conflict and minimize the chances of litigation after you die.
- The form of your Will and the language used in your Will are very important in determining its validity and meaning.
- When you plan appropriately, you can avoid unnecessary estate taxes.
- Creating a Will is the best way to ensure you meet legal obligations to your spouse and children after your death.
- Your Will can allow you to deal with assets or beneficiaries in other jurisdictions.
- You can express your preferences about guardianship of your children in a Will. Guardianship will ultimately be determined by the Court, but they will consider your expressed views.
- Instructions for funeral and other such burial instructions do not legally have to be respected, but a Will is still a good place to have them documented for consideration.
- You should create a Power of Attorney at the same time as your Will. There is overlap in the information your lawyer needs to create each document. Both Wills and POAs are part of a good estate plan and it is most cost effective to prepare both at the same time.
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