What is a Will?
A Will is a legal document that identifies who will inherit your assets upon your death, for example, the money in your bank accounts, real estate, jewelry, cars, and other property. A Will is so much more than a means of distributing your property after you’ve passed away, especially if you have children.
Why is it important for young families?
For parents, a Will is an important document to ensure that your child or children are cared for by the people you want if anything should happen to you before they turn 18. In your Will, you can appoint a guardian to care for your children if you die before they turn 18 and designate an estate trustee to manage your money for your child or children. You can appoint the same person to act as both the guardian and estate trustee, or choose different people to carry out these separate roles.
What will happen if I do not have a Will?
If you do not have a Will, there is no guarantee that when you die your money will go to the people you want or that your children will be cared for by the person you believe will do the best job. If someone doesn’t step forward and apply for the job of distributing your estate, then the province will appoint a public trustee to do so. The settlement of your estate may be a long drawn out affair. Most importantly, you would not be able to name your choice of guardian for your children.
How can I get a Will?
You should contact a lawyer who practices Wills and Estates law to assist you through the process of putting your Will in place.
