“Life is what happens to you while you’re busy making other plans”, and so death can strike you any time. The Grim Reaper is unpredictable, yet you can always be prepared with a simple document called a Will. A Will is defined as a legal document that sets your wishes regarding the distribution of your property, income, stocks and any other finance between your family members and anyone else you wish to include, on the occasion of your death. If you don’t have a Will, the Court will appoint an administrator to divide your property and financial assets between your family members as per the Canadian laws. This administrator would be a complete stranger and would not even be able to understand what your wishes might have been. Your family members could be unhappy with this stranger’s decisions and fight a legal battle. In turn, your death will become chaotic, time consuming and costly to your family.
Having a Will would let people know your intentions. Once you are dead, it is impossible for you to cross over and let your intentions be known. Instead, a simple document prepared while you were alive states your intentions even after you are dead. It is not something that can be easily challenged in court. You can appoint a Will executor, a person who will make sure that whatever intentions you have laid down are fulfilled. This could be a trusted family member, friend or lawyer; someone who will understand your intentions and wishes and see them executed. Always choose an executor carefully to ensure that this is someone who will not twist your words for their personal reasons and will strive to reflect your true intentions in the Will.
When you create your own Will, you can decide how to divide your property, financial assets and wealth and not leave this decision to some stranger. If you wish for all your wealth to go to your spouse and not to any of your children, a Will can ensure that happens. It will avoid any chance of fighting in the family since your decision is explicitly known.
Having a Will would ensure that you protect your spouse and children even beyond your grave. Anyone could try to steal your property or finance and claim it for their own. If the Court appointed administrator is corrupt, he may try to siphon off money for himself. If you are a parent, you can appoint a legal guardian for your children, someone who will protect them and assure you that your children don’t get swallowed by the system.
Once you have made a Will, it is important to constantly review it. Make changes as and when needed, especially when you have any change in your financial situation.
Death and a Will may not be something you want to think of. Yet, death comes to us all and is unavoidable. Take legal help from a lawyer to draw out a Will to make sure it will hold up in the Court of law.
