Here are a few reasons why a Will is such an important document –
Protection. A Will protects those you care about, whether your family or a charity you support.
Common sense. You have worked hard. Why not make sure that the assets you worked so hard to accumulate go where you want them to go.
Minimize expense. To help you prepare a legally sound Will, you need to work with a professional. A well-prepared Will can save you money by reducing taxes and administration costs. And did you know that leaving a gift to the Alzheimer Society in your Will could help you leave more to your beneficiaries and pay less tax?
Control. You can decide who will be the Executor/Trustee of your Will, who will look after your kids and who will benefit from your lifetime of work.
Because you say so! If you die without a Will, the Ontario government will decide how your assets will be divided—not you. Want greater control of your assets? Do your Will.
You have more to leave than you think. Personal items often have great value, whether sentimental or financial. Write these items into your Will and make sure they go to the person who will appreciate them most.
Peace of mind. 1 in 10 seniors have dementia. Did you know that a person must have mental capacity to sign legal documents? Now is the time to get your affairs in order and ensure that your wishes can be fulfilled.
Life happens. You already have a Will? If you’ve gotten divorced or remarried, if you’ve already given away an asset you were planning to donate, or if you no longer need guardians, you’ll need to make changes to your Will.
Plan…for your living. Powers of Attorney for Personal Care and Property detail your personal wishes regarding your medical treatment and finances if you are unable to make decisions.