Where there's a WILL, there's a way to protect your estate.
A will is a legal document that allows an individual (called a testator or testatrix) to distribute his or her estate upon death. Having a will has the added benefit of reducing the likelihood of family conflicts in what is already a very difficult time. Despite this, a majority of Canadians do not have a will. Sadly, many of those without wills, including those who mistakenly think “I don’t have much and it will all go to my spouse”, are leaving their estate - and those they love - unprotected.
If you do not have a will:
If you have a will:
If you do not have a will:
- The court – not you - will appoint the executor who will administer your estate.
- Legislation – not you – dictates who inherits your estate, and in what amounts.
- The court will have to appoint guardians for your minor children without any guidance from you.
- Your minor children could be reliant upon a government official who decides how much money and when they shall receive support in their minority.
- Your children will receive their inheritance once they attain the age of majority – whether they’re mature enough or not.
- Common law spouses could be left with nothing.
- Available tax savings could be missed out on.
If you have a will:
- You decide who will act as executor and trustee of your estate.
- You will decide who shall inherit your estate, and in what amounts.
- You can appoint a temporary guardian for your minor children.
- You can ensure that your children are financially supported by someone you trust.
- You determine when your children are mature enough to inherit from your estate and can set up testamentary trusts for their benefit.
- You can leave gifts to other family members, friends, or charities.
- You can take advantage of various tax-saving opportunities.