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May

13

How to Write a Will – Part 4 (Do I need a Will?)

Michael CarabashPlease note that the information provided herein is not legal advice and is provided for educational purposes only. If you need legal advice with respect to how to write a Will, you should seek professional assistance (e.g. make a post on Dynamic Legal Forms). We have Wills and Estates lawyers registered who can assist you and provide you with free information and quotes on preparing your Will.

So why do you need a Will?
Well, if you have a Will, you can:

  • decide who will be the beneficiaries of your estate (i.e. the pool of assets which will be distributed after certain expenditures are paid);
  • give personal items to specific individuals;
  • include persons who are not related to you by blood to inherit a part or all of your estate;
  • allow you to divide the residue of your estate according to specifically identified trusts;
  • select an Estate Trustee (i.e. a person who will administer your estate and pay out the specific trusts described in your Will);
  • select a Guardian for your minor children (if you have any);
  • reduce the cost of administering your estate (e.g. by avoiding fighting and estate litigation); and
  • reduce income taxes (especially if you die and leave a spouse behind).

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