ESTATE PLANNING
Last Will & Testament
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WHY IT MATTERS
Having The Will To Make A Will
Sometimes it just happens – you wake up one morning thinking about your “What ifs”… maybe triggered by hearing about the untimely death of someone famous, or perhaps you felt some chest pains. Whatever the reason, you can’t help but think what might happen to your kids, your properties, or your finances in case something unfortunate happens to you.
If that sounds familiar, it’s time to sit down and think about making your own will.
THE BASICS
What is a Will?
A will is a legal document that states how your assets will be distributed after your death. As defined by the Ontario Ministry of the Attorney General, “a person’s will is a written document that sets out the person’s wishes about how his or her estate should be taken care of and distributed after death.”
A “last will and testament” allows you to have your say after you have passed away. It has no powers whatsoever when you are alive. The legal document that is binding while you are still alive is the power of attorney, sometimes called the “living will“.
Related: Everything You Need to Know About Power of Attorney (POA)
Key difference: POA – alive, Will – dead.
KEY ROLES
Who Are The Main Characters in a Will?
Understanding these roles is essential when creating your will
1. Beneficiaries
The people who will receive your assets. Bequests can be a sum of money (“$50,000 to my nephew John”), an object (“my collection goes to my granddaughter”), or a percentage of your estate (“30% to my son”).
2. Executor
The person you assign to carry out your instructions. They arrange your funeral, gather and secure your assets, and distribute them to beneficiaries. Must be trustworthy, reliable, and patient.
3. Guardians
If you have minor children, you need to assign someone to care for them if both parents are unavailable. Your appointment in the will is a key factor in a judge’s decision.
IMPORTANT
What Happens if You Die Without a Will?
Death may happen when you least expect it. When you die without a will, you are said to die “intestate“. This means that the Succession Law Reform Act in Ontario sets out how the estate is distributed.
This can cause problems, delays, and unnecessary costs for your family.
TIMING
When is the Best Time to Make a Will?
In all honesty, there is no “right time” to create a last will. Studies show that the majority of Canadian adults (less than 55%) do not have signed & legal wills.
If you are one of those people, it’s about time you act before it’s too late.
LEARN MORE
Watch: Who Are The Main Characters In A Will?
TAKE ACTION
Book a Last Will Appointment Today!
Reach out to our team to discuss your Last Will, and let’s build a secure future for your loved ones.
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1-855-522-5290
Email
info@jcalaw.ca
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