10 reasons why you should have a Will

If you do not already have a Will, you are not alone. More than half of all Canadians do not have a Will and millions more need to update these important documents. Here are 10 reasons why your Will should be a priority:

1.       Peace of mind.

Having your affairs in order will leave you with the peace of mind that your intentions for managing your assets will be met. You will be in control of the legacy you wish to leave.

2.       You decide who gets your assets and who does not.

Estate matters can get complicated. By having a Will you can decide who will benefit from your assets – whether it be loved ones, charities you believe in, or both.

3.       Appoint guardians for minor children.

If you have children under the age of 18, your Will can clearly state who their guardians will be if you are not there to care for them.

4.       Determine who will manage your estate.

The duties of an estate trustee can be complex and time consuming. You will want to ensure that you have someone managing your estate who can be trusted to fulfill your wishes in a timely manner. If you do not choose an estate trustee yourself, one can be appointed by the court.

5.       Reduce family disputes.

Do you want your family members honouring your legacy or guessing what your wishes were and debating who gets your assets? By having a Will, you can answer questions in advance and prevent many disputes that could arise upon your passing.

6.       Impact your loved ones and your community.

Through your Will, you can ensure that your loved ones are taken care of and also support charities that are meaningful to you. You have several options, including leaving specified amounts to people important to you and charities you care about, or arranging for percentage distributions as you see fit. What you want to avoid is the legal system making an arbitrary distribution scheme for you. 

7.       Reduce taxes on your estate.

There are several ways to structure your Will in order to reduce taxes, including eliminating certain capital gains taxes. A well documented Will can also reduce or eliminate probate fees. Leaving charitable donations in your Will is one great example of how to reduce estate taxes.

8.       Leave instructions for your end-of-life ceremony.

Your vision of your end-of-life ceremony may not match what others have in mind. Whether you would prefer something small and quiet or more of a celebration of life, your Will can outline your preferences. Also, financial arrangements for your ceremony can be outlined in your Will.

9.       Save time, money and stress for loved ones.

Managing and communicating about your estate will be a significant responsibility for your estate trustee and family. If not planned well, the administration of your estate could become an emotional and financial burden on your loved ones. Having a Will in place will make the process faster and easier, while ensuring your wishes are clearly documented.

10.   Leave instructions for your digital assets.

Consider how much of your life is now online, ranging from social media accounts to your digital photo library. Through your Will you can ensure certain aspects of your online presence are destroyed while others remain intact.

Charles Morison is a Lawyer and Counsel at Creighton Law LLP in Oshawa, a Board Director at Lakeridge Health Foundation, and Co-Chair of the Foundation’s Planned Giving & Endowment Committee.

Lakeridge Health Foundation supports innovative equipment, technologies, education, and research at Lakeridge Health Oshawa and Whitby Hospitals, including R.S. McLaughlin Durham Regional Cancer Centre. For information, please call call Steve MacDonald at 905-576-8711 ext. 34176 or Adrienne Burns at 905-576-8711 ext. 32784 or visit www.mylakeridgelegacy.com.