November is Make a Will Month!

It is estimated that around 50% of Canadians do not have a valid will. Without a valid will, provincial law dictates how an estate is divided. Don’t let the government make those decisions for you.

Some people believe that making a will is difficult and/or expensive, others get hung up on difficult decisions like naming a guardian for minor children, or people simply don’t want to think about death.

When people say that they don’t want to think about death, we usually ask them to think about the fact that most people don’t really mind having insurance for things that are unlikely to ever happen to them – like the theft of a car, or flooding from a broken dishwasher. But all of us will eventually need a will. When you make a will, you are ensuring that the assets you have accumulated in your lifetime go to to the people and organizations that matter most to you. You are making things easier for those you leave behind, because you will have named someone to administer your estate, and you will have made your wishes known. You will also have the opportunity to minimize your estate’s tax burden, which maximizes the assets available to your beneficiaries.

The question of appointing a guardian for minor children always looms large for parents, and it keeps a lot of people from making a will. We can explain what factors you need to consider, and how the process would work in the unlikely event that the guardianship clause in your will becomes relevant. Many people are comforted to learn that whoever they name as a guardian in their will must still apply to Court within 90 days in order to make the temporary appointment permanent. The parents’ expressed wishes are very important to the Court, but the final decision does rest with the Judge, who may also consult the child(ren) about their wishes, depending on their age and level of maturity. One of the most important reasons for not letting this particular decision keep you from making a will is that if your children are minors when they become beneficiaries of your estate and you do not have a will that says otherwise, their inheritance will be paid to them in full and without restriction or oversight when they turn 18.
For more information, read our post on why you should work with a lawyer to prepare your will.