Many think that Wills are only necessary when people get old or sick. Contrary to common understanding, however, having a Will in place is highly recommended for adults of all ages, unless the size of someone’s expected estate is small and straightforward (worth $25,000 or less, for example).
This blog discusses some of the many reasons why we should create a Will while we are safe and sound, in alignment with BC Family Law.
A Will Is a Cost-Effective Financial Planning Tool
Financial autonomy (the liberty to dispose of one’s property) is important to many of us. A Will is a common tool to help people exercise their financial autonomy.
“Intestate” describes the situation where someone passes away, leaving no Will. If there is no Will left to name beneficiaries and deal with a person’s assets, their estate will be administrated and distributed according to the law.
The legislation governing inheritance and estate-related matters in BC Family Law is the Wills, Estates and Succession Act, [SBC 2009] C 13. While the law does anticipate different circumstances and outlines inheritance and distribution rules accordingly (for example, someone passing away with or without a spouse, or with or without descendants), there is no guarantee that those rules suit your interest or the interest of your loved ones.
To this end, a Will helps avoid the unintended consequences of being subject to the application of the estate legislation. A Will drafted by a lawyer takes several hundred dollars or more, depending on its complexity. Considering the gravity of the relationship and assets dealt with, it is an effective tool for its cost.
A Will Is a Powerful Legal Document for Parents or Guardians of Minors
Parents or guardians of minors can appoint alternative guardians in the event of death through their Wills. While anyone interested in becoming a minor’s guardian may apply to the Court to be appointed, many parents or guardians to minors will agree that being able to choose the right guardian is both necessary and wise. A Will helps the appointed guardian obtain the Court’s endorsement and makes the transition smoother, unlike cases where no guardian has been appointed by a Will.
When there is no guardian appointed by Will and nobody comes forward to apply to become a guardian of a minor, adoption or child protection procedure may follow. This is another reason why it is recommended that parents or guardians to minors leave a Will appointing a guardian.
A Will Provides for the Loved Ones
Another benefit of will-making is that you are providing for your loved ones. While creating a Will, you are thinking through your priorities and the needs of those you care about most. These people can include a parent (who might not be a beneficiary to your estate by default), a friend, a pet, or a charity organization. If you wish to leave valuables to them after you pass away, having a Will is not just recommended but also necessary.
In summary, a Will is highly recommended, along with other tools of estate planning. If you wish to know more about estate planning or making a Will, the experienced lawyers at Westside Family Law are more than happy to provide their expertise in this area of BC Family Law.