Do I need a Will?

Have you prepared a will for yourself? I’ll admit that wills are generally not something that anyone voluntarily chooses to think about because let’s face it, who wants to imagine their own death?

While it may be uncomfortable envisioning your own death, preparing a will provides peace of mind by ensuring that your family and the people that you care about are taken care of in the event that you pass away. Yet preparing a will may prove to be an arduous ordeal if you are not a legal professional. Thus, we highly recommend seeking the services of a lawyer to ensure that you have a valid and legal will.

What is a Will?

A will is a legal document that provides your final wishes with respect to the distribution of your property and the appointment of guardians for minor children. A will takes effect only upon the death of the testator (the person who leaves the will) and will generally provide details as to the designation of an executor, the identity of the beneficiaries and guardians for any minor children, and instructions regarding how and when the beneficiaries will receive their inherited property.

Why Do I need a Will?

Having a will is important as it ensures that your belongings are distributed to the people and causes that matter most to you after you pass away.

When someone passes away without a will, they are said to have passed away “intestate”. Where this is the case, that individual’s estate will be distributed according to intestacy rules governed by the laws of the province or territory where they lived. In some cases, the deceased’s assets will be distributed to your closest living relatives, such as your spouse or children. In other cases, where you do not have any living relatives, your assets may even go to the government.

While there may be some situations that an intestate distribution may be acceptable, there are many other situations which may be disastrous. Perhaps your only surviving relative is an estranged sibling whom you had a falling out with many years ago. What if you had a best friend who you wanted to pass your estate to? If you passed away without a will, your entire estate would likely go entirely to your estranged sibling as opposed to your best friend. While it may be possible for your best friend to bring a court action to see that your estate is passed to them, the process of litigation is particularly time consuming, expensive and stressful.  

Having a will can help avoid disputes among family members or other potential beneficiaries. It can also make the probate process smoother and faster, which can save money on legal fees and court costs.

Overall, creating a will is an important step in ensuring that your legacy is carried out in the way that you want it to be. Why spend your entire life building up the assets in your estate for it to be disposed of in a way that you don’t want? Creating a will gives you the peace of mind that your life’s hard work is given to the individuals you want to have it. It's never too early to start thinking about creating one, especially if you have dependents or significant assets.

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I already have a will. Can I make changes to it?

Yes, you can make changes to your Will even after it has been created. It is important to keep your will up-to-date as your life circumstances change, especially after major life events such as marriage, divorce, birth of a child, or acquisition of new assets.

If you would like more information on creating a Will, contact us at 778 – 761- 1719 or email us at info@denovolawyers.ca today to get started!

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