If you are over the age of 18, you should have a will.
Having a will drafted is a task that is easy to put off for another day, but your loved ones will be glad that you took the time to have your affairs in order so that they are not left with the task.
Having a last will and testament lets you decide what happens with your property upon your death. Without a will, your property is divided amongst your family pursuant to the PEI Probate Act. If deciding what happens to your own property isn’t a good enough reason to create a will, consider the following advantages:
- You get to decide who becomes the Executor of your estate (the Executor is in charge of wrapping up your affairs);
- You can name a guardian to look over your children and your children’s property in the event of your death;
- You can set up trusts for your loved ones to receive money for life events like university or college;
- Without a will, someone will have to apply to the court to take care of your assets, incurring legal costs and likely having to post security in order to administer your estate; and
- You can make important decisions to minimize your beneficiaries’ tax burden.
Generally, someone with basic assets and liabilities can have a will drafted by their lawyer without much complication or cost. If your assets are more complicated, this is an even better reason to have a will.
Your lawyer understands the importance of having your wishes expressed appropriately and the necessary steps to ensure that your will is executed legally. Having your will properly written and executed is essential in preventing any complication or conflict arising from your death.
Here are some key things to consider when preparing to meet with your lawyer about a will for the first time:
- Who do you trust to look after your affairs after your death? Who would be your second option?
- What assets do you own?
- What liabilities do you owe?
- Upon your death, who is to receive specific assets that you own?
- Upon your death, are there any charities/organizations you would like to donate to upon your death?
- Upon your death, who is to receive the remainder of your estate (anything not specifically given away)?
Did you know?
- That a will must be executed pursuant to requirements as set out by the PEI Probate Act
- That a will executed before marriage is null and void as of the date of marriage, but a will executed after marriage is not null and void as a result of separation or divorce
- The execution of a new will revokes all previous wills
It cannot be stressed enough that every adult should have a will. Having a will reduces complications and conflict, and ensures that your wishes are expressed after your death.
If you are without a will, or are in need of an updated will, please contact one of Key Murray Law’s Wills & Estates lawyers to arrange a consultation.
Geoffrey Kowalski
Articled Clerk
geoff.kowalski@keymurraylaw.com
+1-902-894-7051
Legal information appearing in this article and elsewhere on Key Murray Law’s website is intended for informational purposes only and is not intended to substitute for or replace any legal or other professional advice. If you have specific concerns or a situation in which you require legal advice, you should consult directly with one of our lawyers.