Wills – Why Do I Need One? (Part I)
One of the cornerstones of any estate plan is a valid, current, and effective Will.
Unfortunately, according to Canadian Legal Wills, a June 2016 survey, revealed among 2,000 adults aged 18 and older, 62 percent of Canadians do not have a Last Will and Testament. But interestingly, it also shows that nearly 12 percent have an out-of-date Will. Even amongst seniors over the age of 65, only about half have a valid Last Will and Testament in place.
This means too many people are waiting far too long before considering their will.
Most people know intuitively they are supposed to have a will, but they put it off because of a lack of urgency, confusion about the process, uncertainty about cost, and the general unpleasantness of contemplating one’s own demise.
But there are several important reasons to have a will. In general, the will provides for the economical, accurate and orderly transfer of property on death. More specifically, a will allows an individual to decide who will be the executor, who will get any specific items or amounts from the estate, and who will be the guardian for any dependants.
Without a valid will, these decisions will be made by a judge pursuant to the terms of a provincial statute.