There are numerous important reasons why it is essential to prepare a will.
Having a will protects your family, ensures that your wishes are followed and preserves your legacy. Even if you don’t believe that your assets are of substantial value, preparing a will means you can arrange your affairs in advance, in order to suit your wishes and the needs of your family. If you die without a will – what is commonly referred to as dying “intestate” – your Estate is automatically distributed according to the laws of the Province of residence and, in certain circumstances, the laws of other jurisdictions where your assets are located.
The lawyers at Merovitz Potechin LLP are here to help guide you through the process of creating a will so you know what to expect and your best interests are protected.
Here are the top 11 reasons to make a will:
1. You choose who will have care and custody of your children.
2. You choose who will benefit from your estate.
3. You choose how much each beneficiary will receive.
4. You choose what specific asset a beneficiary will receive.
5. You choose at what age your children can take control of their gifts.
6. You choose who will administer your estate.
7. You choose whether the estate trustee will be restricted in their ability to invest.
8. You can minimize the income tax consequences on death.
9. You can minimize the estate administration tax.
10. You can minimize the effect of Family Law Act on your beneficiaries if separation occurs.
11. You can reduce the stress and conflict that may arise among loved ones after you die.
Planning for the future can be difficult, but it is the best way to protect yourself and your loved ones. Our Wills and Estates team can help you learn how your choices will impact the future and create a plan that works for you and your family. For more information, visit our dedicated Wills page and contact one of our Wills and Estates lawyers.
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