WILL I OR WON’T I?

by admin on August 19, 2012

According to a survey released by Lawyers’ Professional Indemnity Co. (LawPRO), the majority of Canadian adults (56%) do not have a signed will. According to the survey, 29% of Canadian adults do not have a will because they either do not know how to get started or believe they cannot afford one. Not having a will is more problematic than you think. This “little” oversight can cost thousands of dollars in legal bills, bitter family disputes, as well as legal battles between siblings and/or their spouses. All of this would be avoided with the drafting of a proper will. What happens if you do not have a will? When you die without a will, you are said to die “intestate”. Essentially, this means that the Intestate Succession Act governs your estate which can cause problems, frustrations, delays, and add unnecessary costs. Dying intestate means that: • You can’t choose who your beneficiaries will be; • You can’t choose who will administer your estate; • You can’t plan your estate to minimize taxes; • You can’t choose a guardian for your children. Dying without a will means letting the government decide on how your estate will be settled and being charged to have this done. So, WILL you or won’t you?

Next post: