By Kim Larsen of Larsenlaw Group posted in wills and estates on Monday, March 25, 2019.
Having a Will allows you to decide how to divide up your assets between your beneficiaries. YOU are in control.
If you don't have a Will, there can be disputes as to who should be the executor of your estate, depleting the estate assets over legal fees.
If you don't have a Will, your assets are divided according to the Succession Law Reform Act which may not reflect what you want and likely won't.
The costs of probating an estate without a Will is more expensive than one with a Will.
Having a Will would dictate who gets what and how much which can reduce family disputes. Deciding who gets family heirlooms and what happens to your property after you are gone makes dealing with your estate much easier.
Having a Will can avoid some estate and income taxes that will be payable if there is no Will. This could save thousands of dollars that could go to your beneficiaries instead of the government.
You can recommend a guardian for your children which the courts will take into consideration.
Estate planning gives a peace of mind that your wishes will be carried out such as whether to be buried or cremated and what happens to your remains.
Your grandchildren are not entitled to a claim on your estate in most circumstances so if one of your children predeceases you, their children may not be entitled to anything. This could result in a rich cousin poor cousin situation.
The cost of a properly drafted Will will be less than the cost of not having a Will. A lawyer can see problems in your estate that may not be evident to you.