Do I Really Need A Will?

Do I really Need A Will

Do I really Need A Will

Reasons Why You Need To Have A Last Will And Testament

  1. 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.
  2. 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.
  3.  A parent 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.
  4.  A proposed Estate Trustee or Guardian will be required to post a bond with their Application. Posting bonds could be as high as three times the worth of the estate.
  5.  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.

Question: I don’t really have that much, do I really need a will?

Answer: Yes!

See what happens when dying without a will. Learn more about Wills.

Contact our Wills & Estates lawyer to get a quote to make a Will.

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Amy MacAlpine is a partner at Hummingbird Lawyers. She supports clients in the areas of Wills and Estates, Litigation, and Family Law.

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