Estate Planning

The Importance of Having a Will

By Hull and Hull LLP

For my final blog for the week, I want to discuss an article recently featured in Forbes.com, which considers the importance of having a Will. 

If an individual dies without a Will, he is said to have died intestate. When a person dies intestate, their assets are distributed pursuant to the intestate provisions contained in the Succession Law Reform Act.

If a person dies with a Will, he is said to have died testate. In such circumstances, the deceased's assets are distributed in accordance with his last wishes as set out under his Last Will and Testament.

Under Glenn Curtis's article, 'Why You Should Draft a Will' he sets out the benefits of having a Will, such as:

1.                  Limiting family disputes;

2.                  Wills can outline personal preferences; and

3.                  Wills make quantifying and distributing assets easier.

By comparison, Curtis argues that not having a Will could place significant burdens on loved ones, such as it could take a very long time to compile an accurate list of an individual's assets; it could also take a prolonged period of time to identify and locate potential beneficiaries. 'Unfortunately, until this process is complete, money may not be distributed, even to legitimate and known beneficiaries.'

Curtis concludes his article with some wise words: 'Individuals seeking to prevent family infighting, and who want to ensure that their spouses, children and other relatives are properly taken care of after they die would be wise to consider drafting a will.'

Thank you for reading, and I hope you have a great weekend,

Rick Bickhram

Full post as published by Toronto Estate Law Blog on August 20, 2010 (boomark / email).