Do you think that you do not need a Will? If you live in Canada, then rethink your decision before you put off your will creation and estate planning to a much later date. Consider the following consequences of dying without a will in Ontario.
1. No Executor: If you pass away without making a will in Canada, you will not have an executor. This means that someone must be appointed by a judge to manage your estate and it may cause delays, increase expenses, as well as cause frustrations to those you left behind.
2. No Guardians: if you leave behind any minor child(ren) when you die, the government can choose who takes care of your children instead of them being in the hands of someone you and your kids want.
3. No Burial Preferences: Some studies indicate that more than half of Canadians do not have a will and some 60% do not have arrangements for their funeral.
4. No Beneficiaries: Without a will, you cannot exclude or include beneficiaries.
Why Can a Will Financially Secure Your Children and Grandchildren?
- Wills are a MUST to secure financial future of minor children and grandchildren and a family business or heirloom.
- Your children may not get what you wished for and they may not have a trust when they reach age 18. The government can take your children’s share if they are minors, decide their financial future and take away part of your estate as fees.
- If you children die before you and you want your estate to go to your grandchildren instead, only a will can help you in your time of distress.
- Family businesses and heirlooms can remain in the family with a will.
Ultimately, your entire lifetime earnings, property, wealth and estate can be put in the hands of the law and government, which will decide on the financial fate of your near and dear ones.
To avoid these potential problems, you can plan ahead by making a Will in Canada, as part of a rewarding estate plan, that will be of great value to your family in the long run.
If you are in Ontario, Canada and need assistance and information regarding will preparation, will probate and legal wills in Canada, Notarizers can assist you. For a free consultation, Call us at 416-782-5926, Toll Free: 1-888-672-7266