What is a will?
A will is a necessary legal document that specifies how your assets are distributed after your death. It's a subject matter that people often avoid until their later years, but it is an incredibly important document to plan for ahead of time, as it as it carries out your desired wishes for the distribution of your property if anything unexpected happens to you. Because it is a legally binding document, it helps to lessen any conflict between family members or close friends after a person passes away.
What happens if you don't create a will?
- People have to guess where you want your money to go
- No one will know who the official legal guardian of the children will be
- Can create tension and discord between family members
- Your assets could go to an unintended person, be given to the court to distribute or could end up going to the crown
When creating a will, you need to appoint someone to carry out your wishes. This designated person is an executor or estate trustee and most people appoint a family member, a lawyer or a financial advisor for this important role.
Will Lawyers can help you to create a will so that you can be prepared for unforeseen circumstances. For further legal advice and lawsuit settlements contact our Toronto litigation lawyers, insolvency lawyers, debt collection lawyers and mortgage lawyers.
At what age should you do a will?
Let’s first tell you what a will is: It is a necessary legal document that specifies how your assets are distributed after your passing. People often wrongly assume that they need to be married and have kids in order to write a will. WRONG. Once you are the legal age of majority, you should do it.
Why? Many reasons. One factor being that as soon as you have possessions like a car, furniture, and even photo albums, you have materials that other family or friends might cherish, so make it easy for people to decide what goes to whom by creating a will. Your loved ones will thank you for it.
Another reason: People think they are going to live to a ripe, old age. Not always true. Accidents can and will happen and not just to the elderly. Don’t leave your future up in the air; be a smart planner and talk to your lawyer about creating a will.
As well, if you do have children and you pass away and there is no document, then no one will know who the official legal guardian of the children will be and that will mean the courts will decide what is best. That should be YOUR decision.
Remember, do not let age be a factor in your decision to do this: Making a will is an often over-looked personal responsibility, which helps direct your assets to the right people at the right time. Failing to plan for a will can cause unnecessary financial tension and stress for one’s family and friends. TAKE THE TIME TO DO IT.