Many individuals overlook the importance of having a will drafted. Especially the younger generations of individuals do not prioritize the drafting of a will when in reality they should. The fact is that none of us really know how long we have on this planet and almost everyone can proactively benefit from having a will.
What is a will?
A will is a document that outlines how you would like your final wishes to be carried out upon your passing. This includes how you would like your estate to be distributed, but it also can include things like who you wish to care for your minor children or your pets. You will also state the person that you would like to assign in settling your final affairs – your executor.
Mentioned below are a few reasons why it is important to have a will drafted:
- Take the burden off your loved ones.
When someone passes away, it can be very emotionally difficult for their friends and family. But it can be even harder if loved ones are left to guess what their wishes were. When you write your will, it gives you a chance to put all the important decisions down in writing. It also gives you something to discuss with the person you choose as your executor and the person(s) you’ve chosen as guardians to make sure that they are up to the task.
- You can choose who will be in charge of distributing your estate.
You may have many friends and family members who you love dearly and who you know would want to help – but that simply wouldn’t be up to distributing your final estate. When you write your will, you can choose a person who you trust to be your executor – someone you know that could handle the job.
- Ensure important people in your life are taken care of.
If you die without a will, the courts will determine how your estate is distributed. Unfortunately, this may mean that important people in your life will receive nothing from you. If you have a common law partner, or even a good friend that you wish to leave something to, it is essential that you record this in a will.
- Put a plan in place for your minor children and other dependents.
No one wants to think about leaving their children behind without parents, but avoiding this topic could be a recipe for disaster. When you write a will, you can assign guardians and trustees for your minor children so you can have peace of mind that they will be taken care of should something happen to you.
- Put a plan in place for your pets.
You can also use your will to appoint a caregiver for your pets should you pass away. You can also set aside some funds for that person to take care of your pets. Make sure you have this conversation with them before naming them in your will.
- Decide how you want your estate to be distributed.
This may be obvious, but having a will lets you decide exactly how you want your estate to be distributed. It means not leaving it up to your family or the courts to decide what they think is best.
- Leave a charitable legacy.
Do you have a favourite cause or charity that you are passionate about supporting? If so, consider using your will to leave a donation or gift.
Contact Minhas Lawyers today
If you haven’t taken the time to draft a will yet, there is no time like the present. Contact Minhas Lawyers today to find out more about drafting a will!
Minhas Lawyers LLP is a multi-practice law firm based in Mississauga. We advise and represent clients across various segments and practice areas.
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