What is a Will?
Simply put – a Will states your wishes for your estate after you die. Your Will states your beneficiaries, appoints guardianship for minor children, appoints a primary and alternate executor, and states other details such as funeral arrangements.
What happens if I die without a Will?
If you die without a Will, the legislation states what will happen to your estate. This is based on a set of rules set out in the Wills Estate Succession Act.
What happens to my children if I die without a Will?
If you don’t have a Will then you haven’t appointed a guardian to look after your children. The court will appoint a guardian if you have children under 19 years old. The Public Guardian and Trustee is brought in to administer your estate for your minor children. Therefore, custody of your minor children and property distribution may not occur per your wishes.
If I die without a Will, when do my minor children get their inheritance?
The Public Guardian and Trustee becomes the trustee and will hold shares of your estate in trust for your child or any beneficiary until they’re 19 years old. The surviving parent or guardian would have to apply to the Public Guardian and Trustee for any money needed for things like living expenses or education. This can be a hardship if the child is quite young and the parent or guardian needs the money for day-to-day expenses.
Can I create my own Will?
You can purchase do-it-yourself estate planning kits. These resources require you to fill out the kit and choose the right documents for your situation. Unfortunately, these documents can be incorrectly filled out which could lead them to be invalid, and leave your family members with legal fees to pay out of pocket.
Why should I have a Will prepared by a Notary Public?
Creating a Will gives peace-of-mind that your loved ones will be cared for, and ensures that assets will be distributed per your wishes.