Did you know that more than 65% of Canadian parents with minor children have not made their wills? It’s a remarkably high number. If you are wondering why you need to make one, read on. Why You Need a Will Making a will is important if you have any material assets or substantially high debt. A business, investments, and home are considered to be material assets. Making a will can be a sad and dreary thing to do, but it’s crucial for the safety of your family and children. If you have minor children, decide and identify a legal guardian for them. If anyone happens to die without a will, the court takes all decisions on their behalf. It is also known as dying intestate. A recent survey found that parents have the greatest legal and financial risks out of any other demographic iif they don’t have a will. 65% of Canadian parents with minor children were found without a will. As parents grow older, the situation somewhat seems to improve. 37% of parents with adult children were found without a will. How to Make Your Will Today, making a simple will is far easier and reasonable. Think of all the expenses and unnecessary stress that can be easily avoided by making one simple legal document. Get in touch with skilled and experienced Estate Lawyers, and you can have a will in a matter of hours. It will also help to organize your insurance, assets, liabilities, real estate, and financial and other assets. Before you make your will, decide on three important aspects: Identify the executor of your will Pick more than one executor in case the original choice backs out. Prefer a person who is a part of your extended social circle and responsible enough for the position. A person with administrative experience would be suitable. Do remember to take consent before adding their name into the will. Minor Children should have a legal guardian Choosing a guardian for your minor children can be a difficult decision to make. Get your partner in agreement before you make a choice. Many aspects need to be considered including age, location, financial capacity, health, and intent to be a caregiver. Decide how you would like all your assets to be distributed How you are planning to split your assets is something you need to decide upon. You can make a plan for the distribution of your assets that includes your partner, spouse, children, and others. Also include all possible situations if your spouse predeceases you, you end up remarrying or have a common-law relationship. Do you already have a will? That’s great, just make sure that it is valid at any point in time. If you marry, divorce, have a child you will need to redo the will as it will no longer be valid. How We Can Help Get in touch with experienced and skilled Wills & Estate lawyers to make your will today. Nanda & Associate Lawyers will carefully understand your circumstances and craft a personalized will and estate plan for you. Our Mississauga Wills and Estate Lawyers are available for a no-obligation free consultation. Feel comfortable interacting with our caring team who speak more than 15 languages like English, French, Spanish, Italian, Portuguese, Albanian, Hindi, Punjabi, Kannada, Telugu, Tamil, Bengali and much more.
