Why Have a Will?

Back to Protect Your Family by Making a Will

A Will is a very flexible legal document. With a Will, you can assign a person(s) or a financial institution to manage your estate after your death (your executor), specify who you want to leave your assets to (your beneficiaries), and identify guardians for your minor children.

In addition, a Will helps to ensure that your estate is distributed as you wish, that your children will have the care and resources they need, and that your death doesn't create a legal and administrative burden to your family.

Here are several excellent reasons why you need a valid Will:

• Your Will clearly tells your surviving family members, friends and others how and when your wealth and personal property should be distributed. Without a valid Will, the provincial government decides for you.
• In your Will you can name the person you want to serve as your minor children's guardian should something happen to both you and your spouse. This person would be responsible for your children's physical care, health care, education and general well-being until they reach 18 years of age (19 in some provinces). If you don't name a guardian, there may be dispute among family members as to who is best suited to act as guardian, resulting in a need for court or provincial government involvement.
  (Note: while the courts will fulfill your guardianship request in most cases, they can still overrule your request if they feel that appointing a different guardian would be in the best interests of your children.)
• You can make specific bequests legally-binding by including them in your Will.
• Through your Will, you can provide for elderly parents who depend on you for care.
• A Will ensures that favourite people, organizations, causes and even pets are beneficiaries of your estate if you wish.

Despite all of the benefits listed above, many people never get around to making their Will. This can result in costly litigation and additional emotional pain for loved ones—which is unfortunate, because making a Will can be simple and inexpensive.

• What Happens if You Die without a Will

Please keep in mind that this information on Wills is in no way complete. It is simply an overview and does not deal with many of the legal issues involved in creating a Will. This content does not replace the need to contact your professional advisors, such as your lawyer, notary or other qualified advisor.