I Am Healthy, Why Should I Prepare A Will Now?

Money and Will

Although we may think about it from time to time, most of us don't really think seriously about preparing a will. However, a will is probably the most important document we will ever write, and there's no time like the present to write a will and enjoy the peace of mind such action provides.

Consulting a Lawyer is a Money Saving Idea

Some people try to save money by drafting a will on their own. While completing a ready-made will that can be purchased for a few dollars may appear attractive, it can all too often cost your survivors a lot of time and money in the long run.

For example, do you understand all the ins and outs of taxation or the most current legislation in your province? One imprecise phrase can suspend your will in legal limbo for a very long time.

The cost of having a professionally-drafted will is far less than most people realize. You can also save money by preparing yourself before seeing the lawyer by creating a record of your important documents and the names of your immediate family, executor and beneficiaries. The less time you spend with the lawyer, the lower the cost of your will.

What Will Happen If I Don't Have A Will?

If you don't have a will, the court appoints an administrator to manage your estate. Provincial legislation will determine who your beneficiaries will be - and this may include some people that you had no intention of remembering.

The process is generally costlier in terms of both administration expenses and lost tax advantages - leaving much less than you may have wanted for your intended beneficiaries. And some of the bequests you had always intended to make, such as to your favourite health charity or Amnesty International, would be ignored.

What Is An Executor?

An executor (or executrix if a woman) is the person you choose who will be responsible for using your assets as needed to pay any outstanding debts and to file a final income tax return. As well, the executor is responsible for preserving your assets until they can be sold or transferred to the beneficiaries of your estate.

Once all the financial obligations have been met, and a clearance certificate from Revenue Canada has been obtained to prove there is no claim for unpaid taxes, the executor can then distribute the remainder of your assets according to your wishes.

Who Can Be An Executor?

Any adult can be an executor including one or more of the following: your spouse, a family member, a friend, a trust company or a lawyer. The important thing is to choose someone who is both capable and willing to take on the responsibility of handling your estate.

To receive a free information package on wills and bequests, please write to Amnesty International, 312 Laurier Avenue East, Ottawa, Ontario K1N 1H9.