Why Make a Will?

The very thought of writing a will causes many people to cringe. Superstitions and procrastinations abound. Many people put off the writing of their wills until they need it and then it's too late. Actually, it is not the deceased that need a will- it is their families and loved ones.

With a will, you can make decisions and choices on the following:

Chose the person to manage your estate after your death ( now called "an Estate Trustee" in Ontario)

Give instructions to your Estate Trustee on how to manage and distribute your estate

Choose the beneficiaries of your estate

Delay the distribution of your estate ( subject to certain legal rules) to your children until they reach an age you feel is appropriate

Select the persons you wish to act as guardians of your minor children in the event both you and your spouse die. Although the Court will have to approve the appointment of the guardians , your wishes will be taken into account

Protect the gifts left to your children from their spouse in the event they subsequently separate or divorce

Minimize income taxes, estate administration taxes (probate fees) and utilize important estate planning techniques