Why Should You Make a Will?

Disclaimer: This article is only intended for educational purposes and shouldn’t be used as a substitute for legal advice.

A will is a legally-binding document that clearly sets forth all your wishes pertaining to the care of any minor children and the distribution of your property. Everyone needs this legal document for the safekeeping of their interests even after they’re no longer alive. If you die without one, there is no assurance that your wishes will be carried out as you’d like.

While some people think that only wealthy people or those with complicated assets need a will, it’s the opposite: everyone needs one, and here’s why.

You Make Decisions Regarding The Distribution Of Your Wealth

A will is a legally bound document that depicts how your things will be handled after your demise. Without a will, the next to kin heirs can distribute the property as they wish or as per the law of Canada. Having a will simplifies this process and avoids unnecessary fights or unfair distribution of your estate.

You Decide Who Gets to Care for Your Minor Children

If you have minor children for whom you’d like to assign a legal guardian, you need to make a will. Having a will makes the process easy and helps the court appoint your chosen guardian to your children, giving them a chance at the future you always wanted. In the absence of a will, the court takes it upon itself to choose a family member or a state-appointed guardian for the minors.

Helps Avoid a Lengthy Probate Process

Whether you have a will or not, all estates go through a probate process. A probate court aims to “administrate your estate,” and dying without a will leaves it all to the court to make these important decisions. However, having a will speeds up the process since you inform the court about the division of your estate.

Minimizes Estate Taxes

Having a will helps minimize your estate taxes. The value of the estate you give away for charity or family members is reduced from the value of your total estate when it’s time to pay the estate taxes. It’s one of the most common reasons many people choose to have a will.

You Have the Choice to Disinherit Individuals

Most people aren’t aware of this, but you can also declare names that you’d like to disinherit in your will for any reason. If you die without a will, they’d get a part of your estate as specified by the law. A will is especially required if you’re worried about your estate falling into the wrong hands or someone’s hand you don’t intend for (such as an ex-spouse with wrong or harmful intentions).

Ready to Create Your Will?

While there are countless reasons why you should be making a will, these are some of the reasons people usually care for. If you’re convinced to make your will now, get in touch with Nanda & Associate Lawyers.

We are a legal firm based in Mississauga that offers a wide range of legal services for all. We have some of the most experienced family lawyers on board who can handle the most complicated wills ever.

Visit our website to learn more.