People often neglect drafting their Wills, even though it is the most critical part of a complete estate plan.
A Will is a legal document, which communicates an individual’s wishes after they pass away. If a person passes away without a Will, they are known to have died intestate. Passing away intestate can cause many hardships and consequences.
To understand the significance of having a Will, it is imperative to look at the benefits of having one.
Having a Will allows an individual to decide how their assets are to be distributed. Without it, assets will be distributed according to the laws, which govern the distribution of property without a Will. Therefore, a Will secures your intended desires of how you wish to distribute your estate.
Moreover, if you are separated or in a common-law relationship, passing away without a Will leaves the distribution of your estate in accordance with the laws of intestacy, set out in the Ontario Succession Law Reform Act. These processes can be long and the outcome may not be as per your wishes.
For example, if you are in a common-law relationship, you are not treated the same as a married spouse under the law. Therefore, if your common-law partner passes away without a Will, you may be completely omitted from receiving any distribution in their estate.
Also, in a Will, you can appoint a guardian for minor children in the event no one who is entitled to custody has survived. This could prove to be very crucial for parents with children in the event something was to happen to both parents.
These reasons are not the only motives to draft your Will. However, these are some of the many essential reasons to not neglect having your Will done!
Please feel free to call Swiderski Law and set up your Will appointment or ask any further questions! We are here to help!
If you would like to learn more or have any questions about Wills, you can call us at 905-281-4297 for a free consultation!