Contact Paul Chadwick, wills and estate planning lawyer in Richmond Hill, ON to enquire about the wills and estate planning law services he provides at the Chadwick Law.
Did you know that if you die without having a valid will, that the Government will take all of your money and assets? Well that is not true, however it is one of those urban myths that keeps circulating! In point of fact that Government would only realize upon your assets in the event that you die without a will, and without any living family member surviving you.
So then why do you need a Will? There are many reasons:
- You and not the courts are able to designate who your Executor/Trustee is to be; this is the person who you are entrusting to carry out your testamentary wishes, and ensure that your Estate is distributed in accordance with your instructions. The Executor/Trustee is ultimately liable to your beneficiaries for failing to do so, or for any untoward dealings with your assets.
- You are able to dictate your precise wishes as to the distribution of your assets to named beneficiaries, as opposed to your assets being distributed in accordance with the scheme of recipients as prescribed in the Succession Law Reform Act when you have no will.
-You are able to provide for your choice of Guardian for your minor children. While this designation by you can be rejected by the Courts in the event that another party objects by showing that your choice to be ill advised - While the Courts retain the inherent jurisdiction to always act in the "best interests of the children", your choice of Guardian will not be easily tampered with, unless there are compelling reasons to so do. Without a will, the Court will, after due enquiries, appoint a Guardian which may not be in accordance with your preferences in this regard.
-You are able to provide for the proceeds of your Estate to be held in trust, and distributed over time to your named beneficiaries, usually in the case of minor children. Instead of your minor children being entitled to receive his or her entire portion upon attaining the age of majority, you may dictate that these monies are to be paid out over time- i.e. 1/3 at 21, 1/3 at 25 and the balance at 30. The Trustee will always have a discretion, not only to pay out earned income to the minors for their daily needs, but also to encroach on the capital sum, being held in trust, in the event that circumstances require same; for example, if your minor children need money for housing, or for educational needs.