Why You Need a Will

By Howard M. Turk

People often delay thinking about the inevitable. Unfortunately, death is a fact of life and it is only prudent to make arrangements for your estate to be dealt with in an orderly manner. If you do not have a will, the government will decide who inherits your estate.

If for example you die without a will and leave a spouse and one son, the government would deem the wife to obtain the first $75,000.00 of the estate and half the balance. The son would get the other half (there are some exceptions to this such as joint property and the Family Law Act elective share). If the child is under the age of 18 then that individual's share would be held by the Official Guardian until the child is 18 years old.

If for example an individual dies leaving a spouse and three children, then the spouse would again obtain the first $75,000.00 plus one third of the remainder. While it may be that you want to divide your estate along the lines of what the government deems it to be in the event there is no will, it is a good idea to have a will so that things can be dealt with cleanly.

A will should include the naming of an executor who is the person that will be responsible for your affairs following your death. It is always a good idea to have a second choice in case your first choice is unable or unwilling to be your executor. The will should also include who gets any specific items such as jewellery, furs, furniture or individual bequests.

The will will also deal with what is called the residue - this is what is left over after all the other expenses have been paid.

If you have children under the age of 18 then your will can state your preferences as to who should be their guardian. While that preference is not binding in law it is strongly influential.
There are numerous ways to customize your will to suit your individual needs and those are best left to a discussion with your lawyer.

A will only takes effect on death. If you are incapacitated and not dead, it is a good idea to have a Power of Attorney. Consult your lawyer for advice in that regard.