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Why Have a Will?

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Financial Planning -> Wills and Estates -> Why have a will?

What are the advantages of having a will?

bulletYou will be the one to choose the guardian of your children.
bulletyou will choose how your assets are distributed.  However, your will can be challenged in certain circumstances.  See Who can challenge a will.
bullet

You will choose your executor.

bulletYour estate will be settled more easily, quickly and cheaply than if you die intestate (without a will).

In some provinces, a will is automatically revoked upon the marriage of the testator (will writer).

For information regarding what happens in each province, see What to do when someone dies, which has links to wills and estate information on provincial/territorial websites.

Multiple wills, in some provinces, can help to reduce probate fees.

It is advisable to have your will reviewed occasionally by a notary or lawyer, in particular if the legislation in your province regarding has been revised in recent years.  A review can help to ensure that your wishes will still be upheld under the latest legislation.

Tip:  Having a will (or 2), and keeping it up to date, can reduce problems and leave more of your estate for your heirs.

 

Revised: February 08, 2014

 

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