Everyone Should Have a Will, Regardless of Assets

Many people believe that a Will is only necessary if you have a substantial estate. However, this couldn’t be further from the truth. Regardless of the size of your estate, having a Will is crucial.

Here’s why:

Asset Management: Even if you think you don’t have many assets, a Will allows you to specify how you want your belongings to be distributed. This includes sentimental items as well as financial assets, such as a car or a chequing account.

Executor Appointment: A Will lets you name an executor, the person responsible for carrying out your wishes. This ensures that your affairs are handled by someone you trust. It will also simplify the administrative burden put on your surviving family members.

Without a Will, no one has the legal authority to access your bank account, close it, pay outstanding bills, or sell your car. Without a named executor in a Will, a surviving family member may need to apply to the court to be appointed as the personal representative for your estate. They might have to pay additional costs, which could have been avoided if you had a Will in place.

Avoiding Legal Complications: Without a Will, your estate Will be distributed according to the laws of intestacy, which may not align with your wishes. This can lead to disputes among family members and unnecessary legal complications.

Protecting Non-Traditional Families: If you have a non-traditional family structure, such as step-children or unmarried partners, a Will ensures that they are included in your estate plan.

Peace of Mind: Having a Will gives you peace of mind knowing that your wishes will be followed and your loved ones will be taken care of after you’re gone. It will also reduce the administrative burden put on your loved ones left behind to deal with your assets and debts.

Avoiding Family Disputes: A Will can help prevent disagreements among family members regarding the distribution of your assets. It provides clarity and ensures that your wishes are respected.

Cost-Effective Planning: Creating a Will is a cost-effective way to plan for the future. It can save your estate money in the long run by simplifying the administration of your estate. Administering the estate of someone who didn’t leave a Will can be more time-consuming and expensive. In the case of a smaller estate without a Will, a larger part of the estate Will be used to cover administration costs, leaving the surviving family with a smaller share.

Simply put, everyone should have a Will, regardless of the size of their estate. It provides peace of mind, reduces the burden on your loved ones, and ensures that your wishes are carried out. Don’t wait until it’s too late! Start planning for the future today by creating a Will.

Disclaimer: This Blog is intended to provide readers with general information. Each client’s circumstances and legal solutions might vary. For further details, please reach out to us to learn more.