You need a will.
Regardless of your age, your marital status, or your health, everybody of working age should have their affairs in order. While it’s something that many people prefer not to think about, there is always the possibility of succumbing to either an accident or an unforeseen medical complication. And if your affairs aren’t in order, it’s always the ones for whom you care the most who will suffer.
Why Is A Will So Important?
A will fulfills a number of purposes:
- A will manages your assets. Without a will, asset distribution is determined by law, which often means many of your loved ones can walk away empty-handed.
- A will keeps your beneficiaries out of court. With no legally binding will, beneficiaries often find themselves engaged in rapidly-escalating disagreements over inheritance rights. These disagreements often become lengthy, expensive court cases which can cause irreparable rifts in families.
- A will minimizes fees and taxes. There are a number of probate taxes and legal fees that are applied to estates without wills. While a will might not eliminate all taxes and fees, an estate planning lawyer can help you to take measures to minimize the expenses.
- A will can keep your estate from falling into legal limbo. If there is no clear executor, your estate can often become frozen in limbo, inaccessible to anyone while the courts continue the lengthy and expensive process of sorting through your estate.
- A living will applies while you are still alive. Should you find yourself unable to make decisions for yourself due to coma, stroke, or deteriorating physical or mental disorder, your ‘living will’ can help to determine how your financial affairs are handled in your absence, as well as provide guidance with regards to your care.
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Is your estate in order? Do you have a will that you haven’t updated in a while? Would you like to know more about our Estate Planning services? Fill in our form to request a consultation, or call us directly to talk to a Toronto estate planning lawyer.
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