Dying without a Will? Do I need a Will? Standard Lawyer Answer would be: It Depends.
"Dying without a Will is a terrible idea" I recall my Estates Law professor stressing the point at any given opportunity during our law lecture. Now that I am a lawyer with a law office in Vaughan I can see why. Here are the top 3 reasons why you should have a Will.
1) Dying without a Will may require your next of keen to file a court application to be appointed as your estate trustee. This could prove to be a lengthy and potentially costly process. Furthermore, along with the court application, your estate trustee could pay substantially higher Estate Administration Tax. Hiring services of a lawyer to assist you with the drafting of the Will and give you estate planning advise, could potentially reduce your Estate Administration Tax.
2) Dying without a Will, depending on the complexity of family dynamic and issues, could potentially result in costly litigation Estate Litigation. This could substantially delay the distribution of your assets. Furthermore, during estate litigation, the estate could be asked to pay or reimburse parties legal fess. Having a Will in place makes your asset distribution intentions clear and concise, thus minimizing chances disputes and of litigation.
3) Before releasing any information or funds to your loved ones, your bank may require to see a Will. This way the bank could satisfy itself of the executor's authority to deal with your estate,
To book your FREE consultation appointment with our lawyers, please call or email us. During your appointment, our lawyers will discuss various topics with you including but not limited to: Your current house ownership arrangement, any joint bank acconts with your spouse or anyone else, your ownership of various registered products such as RSPs, TFSAs , Private Pensions, etc.