WHY YOU NEED A WILL?

Author: JZW Law
Date: February 14, 2020

The answer to this question may be summarized as follows (only for your reference purpose):

  • If you do not have a will, you cannot appoint the executor who will administer your estate upon your death, and the person to fill this role will be appointed by the court.
  • If you do not have a will, you cannot appoint who to be the beneficiaries and what to receive of your estate. Provincial legislation instructs who shall be entitled to inherit. For example, if you have a common law spouse or same-sex partner, he or she will not be considered your married spouse for division of your assets.
  • If you do not have a will and your minor children who are under 18, the children’s parts will be payable to the court, and to be held until the children reach his/her eighteen (18) years old. However, your children will take the estate when they are eighteen (18) whether or not they are able to manage the property. Without a will, you can not set up trusts to maintain the property on behalf of your children or other family members to make regular payment for the cost of living and education.
  • A well-draft will may result in reasonable deduction of probate fee, both at the time of your death and following your death, which would not be available without a will.