Q: I don’t really have that much, do I really need a will?
Reasons why you need a Last Will and Testament
- Common law spouses do not have property rights and they will not inherit under the law. Your estate would go to your closest living relative and completely bypass your common law spouse.
- If you have children, your legally married spouse will not inherit everything. Your spouse will inherit the first $200,000 of your estate. The rest of your estate would be divided between your spouse and children.
- A parents is not an automatic Guardian over your child’s money. If a minor inherits more than $10,000, the surviving parent will have to apply to the Office Public Guardian Trustee and ask permission to become the Guardian over the money.
- A proposed Estate Trustee or Guardian will be required to post bond with their Application. Posting bond could be as high as three times the worth of the estate.
- You can reduce tax exposure. By reviewing your assets with a lawyer, we can identify issues you may not think about on your own and offer tax planning within your will.
Ask me! How does a Hummingbird will prevent these problems? Contact wills and estates lawyer!