intestacy Archives

The thought of making and planning the distribution of your estate can be daunting. It can be difficult to grasp where to start or who to ask for advice. This following considerations should be taken into account when planning for and preparing a Will.

Appointing a Guardian for your Minor Child

When one parent dies, the other parent typically gets legal custody of any minor children. However, if one parent is unfit to care for the child, or if both parents die, the deceased’s family and the Courts will look to the Will to determine who should become a child’s guardian. If there is no guardian named in a Will, or if the named guardian is unwilling or incapable of acting as a guardian, the Courts will make a decision on behalf of the deceased individuals.

To avoid complications, it is wise to name guardians and alternate guardians for your minor children in your Will. It is also important to speak with potential guardians prior to appointing them, in order to ensure that they are willing and able to assume this responsibility.

Choosing the Beneficiaries of your Will

The individuals named in a Will are called “beneficiaries.” The most common types of beneficiaries are family, close friends and charities. A Will outlines the inheritance to be received by each beneficiary after a person’s death.

Value your Assets

In making a Will, it is helpful to consider and list all known assets. If there are significant assets, such as a house, property or motor vehicle, it is important to identify whether the asset is owned independently or in conjunction with someone else. With respect to real property, there are two ways in which property can be co-owned: (i) a joint tenancy, or (ii) a tenancy in common. The nature of the property ownership will impact whether or not the testator’s share of the property can be included in the Will and gifted to a beneficiary.

Specific Gifts

Many people include specifics gifts of items with sentimental value in their Wills so they can ensure that these items are given to a specific person. Even if there is little to no monetary value in the object, sometimes a small personal item will be the one which is most crucial to a beneficiary. Specific gifts may include jewelry, artwork or other family heirlooms.

Appointing an Executor

It is important to consider who should be appointed as the executor of an estate when an individual passes away. The executor is an individual who carries out the instructions in the Will and administers the estate, including paying any taxes and debts, and distributing the property in accordance with the Will. Choosing an executor is an important decision. The named individual should be trusted to carry out the testator’s wishes and instructions honestly. They should be organized and understand their responsibilities as an executor.

For further information or assistance in drafting a Will, please consult a TEP.

Making a will is important for various reasons. Not only does executing a Will ensure that assets are distributed according to the testator’s wishes, it also saves family members the energy and expense associated with Court and filing an application to enable the administration of your estate. Despite the importance of making a Will, many people put it off for various reasons. This article is designed to provide you with some of the most common, misguided excuses for not executing a Will.

I don’t need a will because my partner will get everything.

A common misconception is that a romantic partner will automatically inherit all property left by the deceased, but this is not always the case. Without being legally married – even in cases of long-term cohabitation – surviving partners may, in fact, receive nothing if the other partner passes away. In addition, even married couples cannot count on automatic inheritance of all property left by the deceased. In the absence of a Will, the laws of intestacy determine the division of an estate.

Making a will is too expensive.

Individuals are often put off by the purported cost of making a will. This fails to take into account the fact that dying without a valid will(intestate) may cost the family and loved ones of the deceased much more in the long run. Moreover, simple wills are often not expensive and can be bundled with Powers of Attorney in order to reduce overall costs. Focus on the value of having a valid will versus the cost.

I don’t have the time.

Making a will does not have to be time consuming. Compare it to the time it takes for commute to work or drive to the cottage. Creating a will brings peace of mind, encourages appropriate estate planning, and ultimately spares family and loved ones much more time after your death.

I don’t have much to leave.

Making a will is a good idea for anyone, no matter how large or small their estate. A will serves several purposes in addition to determining the division of an individual’s assets. For example, any individual with minor children needs to ensure that their will appoints a guardian who is responsible for their care. It also enables one to appoint the person who is able to make decisions on behalf of the estate, and to deal with government agencies, banks, and other third parties.

Moreover, as an individual gets older, the value of their assets and real property is likely to increase. A will can ensure that the increased assets are distributed appropriately in the case of untimely death.

I’m too young, I don’t need to make a will.

For adults, there is no age too young to create a will. People are rarely given time to plan for accidents and illnesses. Life can happen when you least expect it. A will brings the peace of mind of knowing that children will be cared for, assets will be distributed appropriately, or even that spouses will not have to sell the family home due to an untimely death.

Making a will is important for several reasons. Not only does executing a will ensure that assets are distributed according to the testator’s wishes, it also saves family members the energy and expense associated with to Court and filing an application to enable the administration of your estate.

Despite the importance of making a will, many people put it off for various reasons. This article is designed to provide you with some of the most common, misguided excuses for not executing a will.

1. I don’t need a will because my partner will get everything.

A common misconception is that a romantic partner will automatically inherit all property left by the deceased, but this is not always the case. Without being legally married – even in cases of long-term cohabitation – surviving partners may, in fact, receive nothing if the other partner passes away. In addition, even married couples cannot count on automatic inheritance of all property left by the deceased. In the absence of a will, the laws of intestacy determine the division of an estate.

2. Making a will is too expensive.

Individuals are often put off by the purported cost of making a will. This fails to take into account the fact that dying without a valid will (intestate) may cost the family and loved ones of the deceased much more in the long run. Moreover, simple wills are often not expensive and can be bundled with Powers of Attorney in order to reduce overall costs. Focus on the value of having a valid will versus the cost.

3. I don’t have the time.

Making a will does not have to be time consuming, compare it to the time it takes for commute to work or drive to the cottage. Creating a will brings peace of mind, encourages appropriate estate planning, and ultimately spares family and loved ones much more time after your death.

4. I don’t have much to leave.

Making a will is a good idea for anyone, no matter how large or small their estate. A will serves several purposes in addition to determining the division of an individual’s assets. For example, any individual with minor children needs to ensure that their will appoints a guardian who is responsible for their care. It also allows appoints the person who is able to make decisions on behalf of the estate, and to deal with government agencies, banks, and other third parties.

5. I’m too young, I don’t need to make a will.

For adults, there is no age too young to create a will. People are rarely given time to plan for accidents and illnesses. Life can happen when you least expect it. A willbrings the peace of mind of knowing that children will be cared for, assets will be distributed appropriately, or even that spouses will not have to sell the family home due to an untimely death.

For additional information, or advice in drafting a will, please consult a TEP.

Things to Consider when Making a Will