You may wonder why it is important to have a Will or why a lawyer should draft your Will. A Will is a legal document that determines what happens to your property after your death. At Farber Robillard Leith LLP, we believe that all persons over the age of 18 should have a Will (also known as a Last Will and Testament) and powers of attorney.
A Will is an essential part of your estate planning. When you die without a Will, the law will dictate exactly how things you own (your estate) will be divided. When you make a Will, you say who will benefit and how. By preparing a Will, you will have the peace of mind that your loved ones are cared for as per your wishes in a more cost-effective manner.
There are a number of reasons why a Will is important. It is about choice. Arranging an up to date Will allows you to:
- Choose your Executor/Estate Trustee (this is the person or people that will distribute your assets after your death, make your funeral arrangements, pay your debts, appraise and sell assets, file tax returns, etc.);
- Choose who will benefit from your estate – your beneficiaries;
- Choose who will be the temporary Guardian of your minor children;
- Choose what age your children will receive the benefit of your estate; and
- Choose to minimize Estate Administration Fees more commonly referred to as Probate Fees.
These are just a few of the reasons why we, at Farber Robillard Leith LLP, strongly believe that you should have a valid Will.
If you are in Ottawa, please contact us today for your free Wills consultation.