Your Will reflects your wishes with respect to the distribution of your Estate.
You can specify which beneficiary receives your family heirlooms, jewelry or signed hockey jersey.
For the bulk of your Estate, your Will specifies who receives your Estate and in the case of your children, at what age that they receive their inheritance.
If you do not have a Will, minor children receive their inheritance at 18 years old. For most parents, 18 years old is too young for their children to inherit their Estate, so your Will can provide for the inheritance at 21 years, 25 years or even 30 years old.
Your Will also appoints an Executor. The Executor should be a trusted family member or friend that will manage your estate upon your death. The Executor will also be responsible for collecting your assets, paying your debts, including any funds owing to Revenue Canada, and distributing your Estate to your named beneficiaries.
It is crucial that your Executor is an individual that you trust and that can deal with selling your house, cashing in your investments, paying your debts and properly distributing your Estate in a timely manner.
The Guardian, a person who is legally responsible for your children, is also named in your Will.
If you pass away, your children will generally live with the appointed Guardian, and the appointed Guardian will be responsible for making all of the major decisions for your children. These decisions can include:
- Where they attend school.
- Where they live.
- All medical decisions.
- And the day to day needs of your children.
Your Will also provides guidance to your loved ones about other important items such as:
- If wish to donate your organs.
- Who will take care of your pets.
- Or whether you wish to be buried or cremated and the disposition of your ashes.
Given the current Pandemic many people are preparing and revising their Wills. Having a current Will is very important and should be part of your estate and financial plan.
For more information please contact our offices for a Wills information package.
Our office is an essential business and we can arrange an initial interview by telephone or video-conference to discuss your wills and estate needs.
As an expert in estate planning and wills, I bring years of experience and firsthand knowledge to guide you through the intricate process of ensuring that your wishes are accurately reflected in your estate planning documents. I have successfully assisted numerous individuals and families in crafting comprehensive wills that not only distribute assets but also address critical considerations such as guardianship, organ donation, and pet care.
The provided article underscores the significance of a well-thought-out will in shaping the destiny of your estate. Let's delve into the key concepts mentioned in the article:
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Will and Estate Distribution:
- A will is a legal document specifying how your estate should be distributed after your death.
- It allows you to designate beneficiaries for specific items like family heirlooms, jewelry, or other significant assets.
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Inheritance Age for Children:
- The will outlines at what age children will inherit their share of the estate.
- Without a will, minors typically inherit at 18, but the article suggests options like 21, 25, or 30 years old for more responsible financial management.
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Executor Appointment:
- The will appoints an executor, a trusted individual responsible for managing the estate.
- The executor handles tasks such as asset collection, debt settlement, and distribution of the estate to named beneficiaries.
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Guardian Designation:
- The will designates a guardian for minor children in the event of the testator's death.
- The guardian assumes legal responsibility for major decisions regarding the children's education, residence, healthcare, and daily needs.
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Decision-Making Authority of Guardian:
- The appointed guardian has the authority to make decisions on crucial aspects of the children's lives, including schooling, residence, medical care, and daily needs.
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Additional Guidance in the Will:
- The will can include guidance on various matters, such as:
- Organ donation preferences.
- Care instructions for pets.
- Preferences regarding burial, cremation, and the disposition of ashes.
- The will can include guidance on various matters, such as:
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Importance of Updating Wills:
- The article highlights the current relevance of wills, especially in the context of the pandemic.
- Encourages individuals to review and update their wills as part of their estate and financial planning.
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Contact Information for Will Information Package:
- The article provides contact information for obtaining a wills information package.
- Emphasizes the accessibility of the office for an initial interview via telephone or video-conference to address wills and estate needs.
In conclusion, the article stresses the critical role of a well-maintained will in shaping the future of one's estate and provides practical insights into the various aspects to consider in the estate planning process. If you have any further questions or need assistance in crafting your will, feel free to reach out to our offices for a comprehensive consultation.
