Virtually everyone postpones writing a will. Maybe it’s because you don’t want to be reminded of you own mortality. Or perhaps you feel that your family members will split your assets amicably.
Whatever the excuse for putting off the drafting of a will, it is one of the leading causes of family breakdown. Don’t risk your family’s future, contact a LawVo Wills and Estates lawyer today.
If you’re still not convinced, here are the top reasons to have a will:
You decide how your estate will be distributed. A will is a legally-binding document that lets you determine how you would like your estate to be handled upon your death. If you die without a will, there is no guarantee that your intended desires will be carried out.
Don’t die without a will—the state decides how your assets are split and there are excess tax liabilities.
You decide who will take care of your minor children. A will allows you to make an informed decision about who should take care of your minor children. Absent a will, the court will take it upon itself to choose among family members or a state-appointed guardian. Having a will allows you to appoint the person you want to raise your children or, better, make sure it is not someone you do not want to raise your children
You decide who will wind up the affairs of your estate. Executors make sure all your affairs are in order, including paying off bills, canceling your credit cards, and notifying the bank and other business establishments. Because executors play the biggest role in the administration of your estate, you’ll want to be sure to appoint someone who is honest, trustworthy, and organized (which may or may not always be a family member).
Make gifts and donations. The ability to make gifts is a good reason to have a will because it allows your legacy to live on and reflect your personal values and interests.
You can change your mind if your life circumstances change. A good reason for having a will is that you can change it at any time while you’re still alive.
Because tomorrow is not promised. Avoid the added stress on families during an already emotional time
Don’t draft it yourself. Drafting a will yourself may lead to terms and conditions that may invalidate your will and your wishes will not be fulfilled.
There are many reasons to have a will, but it can be overwhelming to actually draft a will. While knowing your province’s laws is key, you should not leave things to chance and have an expert help you draft your will. LawVo Wills and Estates lawyers are available to help you craft your wishes into a legally binding document.