Ten Reasons for making a Will

  1. A Will helps ensure that your assets are distributed in accordance with your wishes and not in accordance with the Ontario Succession Law Reform Act.
  2. A Will allows you to select an Estate Trustee (Executor). This is the person who administers your estate (makes decisions on funeral arrangements, liquidates and distributes your assets in accordance with the terms of your Will, pays debts and income tax owing)
  3. A Will allows you to make trust provisions for your beneficiaries that are under the age of majority (18 years). Without a Will shares of minor beneficiaries would be paid into court to be held until the beneficiary reaches the age of 18 years.
  4. A Will allows you to make trust provisions which Will allow assets to be held for your beneficiaries to an age greater than 18, if this is your wish. (Without a Will your heirs Will be entitled to distribution of their share at age 18 which may be too young to handle a large sum of money.)
  5. A Will allows you to state who you would like as a Guardian of your minor children.
  6. A Will can incorporate in it an insurance trust which allows more flexibility to set up the terms on which you want the insurance proceeds paid out (rather in a lump sum the proceeds may be handled thought a trust) and still avoid having to pay Estate Administration Tax on the proceeds of the insurance.
  7. With a Will you can make provisions such as a Henson Trust to ensure your disabled beneficiary does not lose the valuable Ontario Disability Support Plan benefits she receives.
  8. With a well drafted Will or multiple Wills you can reduce the Estate Administration Tax payable.
  9. Without a Will your heirs may be required to endure costly and lengthy proceedings to transfer your assets. An estate administration bond may be required by the court which increases the estate administration costs.
  10. Having a Will shows your loved ones that you cared enough to plan for a smooth transition of your hard-earned money.

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