Everyone knows what a Will is. Most people agree that they should have one yet approximately one half of all Canadians do not. Your Will may be the single most important document you ever sign. Reasons for having an up-to date will include the following:

Self-determination

The most obvious reason that you should make a will is to ensure, as much as possible, that your estate is distributed in accordance with your wishes. Your will guides your loved ones and can reduce or eliminate disagreement. In Ontario, if you are married and have children and die without a will, your spouse will receive the first $200,000.00 of your estate and your spouse and children will split the remainder, in shares which are determined by the number of children you have.

Minor Children

In your Will, you can name a guardian for your minor children. In the event that both parents die, the guardian can apply for confirmation of this appointment and assume care of the children. In the absence of such a designation, there could be confusion about who is to care for your minor children, who could become the subject of a custody battle or, alternatively, come under the protection of the state. Parents usually know best who should be the guardian of their children.

In addition, if you die without a will, any monies to be received by children under 18 years of age must be paid into Court and kept for them until they reach 18 years of age. The return on investment is rarely as good when this happens and someone must apply to the Court to get funds out to be used for the benefit of children to cover their needs before they turn 18. Many people feel that 18 is too young to receive an inheritance and would like their children’s money held in trust for them until they reach a certain age, like 21 or 25. This is only possible if you have a Will.

Choice of Executor

If you die without a Will, someone (or the Public Trustee’s Office) will be appointed to administer your estate, but it may not be the person you would choose.

Income Tax Benefits

Without a Will, your heirs may pay more taxes than would be the case with a well planned Will.

There are do-it yourself Will kits available, but the peace of mind that comes from knowing your estate will be handled properly is well worth the cost of having a Will prepared by a lawyer

Special considerations may be required if you are in a second marriage or if you have children from a previous marriage. Special financial planning techniques, including the use of a trust, may be needed so that you don’t jeopardize any government assistance that may be available to people with a disability.