LEGAL
LEGAL
“ Have You Heard the One About the Canadian Who Died Without a Will ?”
KATHY HAWKESWORTH
It is hard to overstate the advantages of having a good will . So , why don ’ t more of us embrace ‘ will power ,’ even when we know story after story of families , business partners and advisors having to clean up the mess when a person dies ‘ intestate ’ ( without a will )?
In a lighthearted twist on a serious topic , here are five excuses , together with my rebuttal , for you to consider .
1 . “ All I have is debts ”
With monthly bills , car loans and mortgage payments , it is sometimes hard to appreciate that you do have an estate ( your home , your vehicles , etc .) to distribute .
You may have also overlooked the important minor reasons for having a will :
• naming guardians for your children , and
• setting up trust funds to manage the impact of money on young lives , so that they are not damaged by receiving money that is either too much or too soon , or too difficult to access by the parent or guardian who will care for them .
2 . “ I would have to visit a lawyer ”
If a lasting legacy appeals to you , you will need a will to accomplish it . Who should I call ? What will it cost ? Why can ’ t I just use a will kit or write it myself ? Each province has its own wills and succession laws . Do you know what law the kit was drafted for or how the courts have interpreted will wording in your province ? Do you know the rules about how the will must be signed and witnessed ?
It is best to work with a lawyer who knows about wills and estates , and has practical experience with both the questions you have and the ones you haven ’ t yet thought about .
To put the cost in perspective , look at what you pay in home and car insurance every year and then compare that to the cost of a will that protects so much more than your home and car ; it protects your business , all your other property and , most importantly , your family .
3 . “ I haven ’ t decided what to do yet ”
Actually , by not having a will , you ’ re letting the government decide for you . Every province has its own rules about what happens when a person dies without a will — rules which may be quite different than you think . This is the largest financial transaction you will ever have , distributing all your hard-earned property to others . Your assumption of what is going to happen may be wrong . It will be so much better for you to choose what you want to happen . That is the beauty and power of a will . You are able to state your unique wishes and also name who you trust to make sure your wishes are followed . This person is sometimes called a personal representative or an executor or trustee . Your advisors will be able to give you guidance about the sort of person to fulfill this important role .
Having a will is also the only way you have to distribute property to friends , distant family , or to support organizations or diverse causes
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