A critical component of life planning is having a Will in place. Having a Will can ensure that your life’s achievements –your tangible assets –go to your family members or other loved ones as you intend.
At Realty One Legal, our Wills and Estates lawyers can assist you in putting your intentions on paper and properly executing the document, resulting in YOUR peace of mind. Here are five reasons which outline the necessity of having a Will.
1. Secure Wealth For Your Beneficiaries
Passing away without a Will means that someone must make an application before the Courts to be the administrator of your estate. In addition, your assets will be distributed by the Court-appointed administrator by the Alberta Intestate Succession Act. The resulting distribution may not be what you intend, and your beneficiaries will have spent time and money obtaining the appropriate authority to act in respect of your assets.
Frequent Will assessments are recommended as your goals may change and evolve over time. Each Will update should be conducted with the counsel of a knowledgeable Wills and Estates lawyer. This step is the most practical way to ensure your will does not contain errors that could be challenged.
2. Avoid Family Squabbles
Family conflicts often arise over property distribution when someone passes. A well-written Will will minimize the potential for conflicts –not to mention the lawyers’ fees that family members may incur in the debacle. Save your family members the possibility of relationship rifts by ensuring your wishes are clear and concise.
3. Guardianship and Ongoing Care for Relatives in Need
If you have children under the age of 18, you would want to see that their ongoing care is secured by someone you know and trust. A Will allows you to appoint guardians for your children and even your pets. Perhaps you have family members or friends that have special needs or require special care. Having a Will can ensure that ongoing resources are available to provide for these beneficiaries in the way that you intend and that they deserve.
4. Limit Access to Funds
Let’s face it – for whatever reasons, we’re not always close to some family members, and you may wish to limit or even bar the inheritance that some may feel they are entitled to. Again, a well-written Will can set your wishes out clearly and give only to those you want to see rewarded in a way that is both legal and enforceable in the future.
5. Philanthropic Ambitions
You might have numerous incomplete objectives upon your death. Philanthropy is often on that list for many people. If you have the finances and want a reasonable amount donated to causes you believe in, then a Will provides the opportunity.
Hiring a Wills and Estates Lawyer in Alberta
While it’s not fun to think about, having a well-written and laid-out Will is essential. But, more than that, it is vital that a Will be properly executed. With over 30 years of combined experience, we at Realty One Legal can help you with your Will to ensure that your legacy continues as you intend, so contact us today.