Your Will reflects your wishes with respect to the distribution of your Estate.
You can specify which beneficiary receives your family heirlooms, jewelry or signed hockey jersey.
For the bulk of your Estate, your Will specifies who receives your Estate and in the case of your children, at what age that they receive their inheritance.
If you do not have a Will, minor children receive their inheritance at 18 years old. For most parents, 18 years old is too young for their children to inherit their Estate, so your Will can provide for the inheritance at 21 years, 25 years or even 30 years old.
Your Will also appoints an Executor. The Executor should be a trusted family member or friend that will manage your estate upon your death. The Executor will also be responsible for collecting your assets, paying your debts, including any funds owing to Revenue Canada, and distributing your Estate to your named beneficiaries.
It is crucial that your Executor is an individual that you trust and that can deal with selling your house, cashing in your investments, paying your debts and properly distributing your Estate in a timely manner.
The Guardian, a person who is legally responsible for your children, is also named in your Will.
If you pass away, your children will generally live with the appointed Guardian, and the appointed Guardian will be responsible for making all of the major decisions for your children. These decisions can include:
- Where they attend school.
- Where they live.
- All medical decisions.
- And the day to day needs of your children.
Your Will also provides guidance to your loved ones about other important items such as:
- If wish to donate your organs.
- Who will take care of your pets.
- Or whether you wish to be buried or cremated and the disposition of your ashes.
Given the current Pandemic many people are preparing and revising their Wills. Having a current Will is very important and should be part of your estate and financial plan.
For more information please contact our offices for a Wills information package.
Our office is an essential business and we can arrange an initial interview by telephone or video-conference to discuss your wills and estate needs.