Not Just for the Wealthy: Why Everyone Should Have a Will

Many assume that a will is something for those with significant wealth, but the truth is that having a will is essential for all adults, regardless of age, wealth, or family situation. Here are just a few of the reasons why everyone should have a will:

Choice of beneficiaries: A will allows you to specify how your assets will be distributed after your death. Without one, a formula in legislation will determine who inherits from your estate, which may not reflect your intentions. In particular, Ontarians should be aware of two common misconceptions regarding who will inherit from your estate as it relates to spouses:

• Common Law spouses are not entitled to inherit when a person dies without a will: If you die without a will, your common law spouse will need to issue a claim for dependent support against your estate to receive a share of the assets, which can be costly, give rise to disputes, and otherwise take a long time.

• Married spouses do not automatically inherit the full estate: If you have children, depending on the size of your estate, your married spouse will share your estate with your children.

Choice of who will administer your estate: A will allows you to make an informed choice about who is best suited to administer your estate. Your executor should be someone trustworthy and organized, who can manage the financial and legal matters involved.

Guardianship for minor children: If you have minor children, a will lets you designate a guardian who will be responsible for their care in case both parents pass away. This designation is effective for a 90-day period, after which time the law requires that the Court appoint a permanent guardian. The expressed wishes of the parents within a will are an important factor in the Court’s determination. Using a will, trusts can be created to avoid the involvement of the Court.

Asset management for minors: In Ontario, a parent is not automatically the guardian for their children’s assets. If you die without a will, your child’s share of the estate may need to be paid into Court, where it is held and managed by the Accountant of the Superior Court of Justice until they reach the age of 18. Once the minor turns 18, they are entitled to full payment of their inheritance.

Protecting vulnerable beneficiaries: A will can include trusts to protect the interests of beneficiaries who may be unable to manage their inheritance due to age, health, financial irresponsibility, or other factors.

Reduce family conflicts: A well-drafted will can help prevent disputes among family members over your estate. Clear instructions in your will reduce ambiguity and the likelihood of disputes.

Minimize legal complexity: Dying without a will can lead to a more complex and time-consuming legal process, potentially causing delays for your beneficiaries in receiving the support or care they need. Having a will streamlines the process and ensures a more straightforward transition.

Peace of mind: Having a will provides peace of mind, knowing that your affairs are in order and your loved ones will be taken care of according to your wishes.

Regularly updating your will to reflect changes in your life, such as marriage, divorce, the birth of children, or relocation is also crucial to ensure it continues to reflect your wishes.

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