By: Sarah Peel, Associate Lawyer
A will is a legal document that provides instructions about how you would like your assets distributed after your death and who will distribute them.
There are so many good reasons to get a will, but we’ll stick to the big three:
You choose who deals with your estate. Without a will, the Court may have to appoint an administrator after your death. A will allows you to choose the person or people you want to look after things when you pass away.
It will save your family time and money. If they have to apply to court to access your accounts, etc. it will cost significantly more than the price of a will and it will also take a lot longer to finalize your estate.
Caring for minor children. A will lets you appoint a guardian for any minor children you may have.
Now, you might be thinking, “but I don’t have much – what’s the point?”
Here’s the trouble with that. If you have, for example, a bank account with $2,000 in it and you are the only one on the account, you are the only one with legal authority to access it. If you pass away, no one else will be able to access that account without a legal document stating they can do so – usually either a will or letters of administration. If you do not have a will, someone (usually a family member) will have to apply to the court for letters of administration so they can close out accounts and finalize your estate (think about things like vehicles, rent, bills, possessions, accounts and any real estate you may own). This can be expensive! Plus, it is time-consuming for the family member who ultimately takes on the responsibility.
No matter what your financial situation or how much “stuff” you may or may not have, a will is a useful tool that will ultimately save you and your family time and money and give you a sense of certainty when it comes to the distribution of your assets.
DISCLAIMER: The publications on this website are intended to provide information of a general nature and not legal advice. The information contained in this publication is current to the date of the publication and may be subject to change following the publication date.