Why do you need a will?

We live in a society that is subject to complex rules affecting our assets and property. The decision to prepare a will is a means available to us to simplify the consequences of our death. Our will permits a more orderly distribution of our accumulated wealth in a manner consistent with our thinking. A will prepared with the assistance of a lawyer will allow you to consider how best to accomplish the beneficiary scheme that you have decided upon and to consider various possible scenarios of what may happen with benefits left to named persons. It allows you to benefit family members and other organizations or charities which may not be possible if you died without a will. If you have minor children, it provides you with the ability to choose your children's guardian and consider when your children will receive their inheritance and how your children can be assisted from your assets during their upbringing if you died while your children are still young. The preparation of a will with a lawyer will allow you to consider income tax consequences upon death and how best to address such income tax issues. Without a will, you lose your ability to choose what will happen with the wealth that you have accumulated and allows provincial legislation to determine what happens to your wealth. This process often takes longer, is costlier but most importantly means that your wishes may not be followed as such wishes are unknown.