The Importance of Having a Will

Everyone should have a will as part of their Financial plan, particularly families with young children. Despite its significance, many people overlook the need for a will, often due to perceived misconceptions around cost and complexity.

Here are some points why having is so important especially when you have children and how getting one done might not be as complicated as you might think. 

Asset Distribution Clarity 

A common misconception is that if a person dies without a will, their assets automatically pass to their spouse. In Ontario, this is not the case. The law states that a spouse receives the first $350,000 of the deceased’s assets, but any remaining assets are divided between the spouse and the children. If the children are minors, this division can lead to legal complications and ownership issues.  

A will ensures that your assets are distributed according to your wishes, simplifying the process and preventing legal entanglements. 

Protection for Minor Children 

In Ontario, minor children cannot legally own assets, leading to complications in asset management. If both parents pass away without a will, the Court of Ontario may hold the assets in trust until the children turn 18. By including a guardian recommendation in your will, you help ensure your children are cared for by someone you trust, providing peace of mind for you, and security for your children. 

Avoiding Family Disputes 

Having a will minimizes the potential for disputes among family members over the distribution of your assets. Clear instructions on how your estate should be managed can prevent misunderstandings and conflicts, ensuring that your wishes are respected, and your family remains harmonious. 

Affordability and Simplicity 

One reason many people delay writing a will is the perceived cost and complexity. While hiring a lawyer to draft a will can cost between $1,000 and $1,200, more affordable options like will kits or online services such as Willful are available. These alternatives can cost as little as $30 to $175. However, if using a DIY option, it is crucial to follow all instructions precisely, especially regarding the signing and witnessing of the will, to ensure it is legally binding. 

Conclusion 

Creating a will is a vital step in securing your family’s future and ensuring that your wishes are honoured. It prevents legal complications, protects your children, and provides clarity for your loved ones during difficult times. Whether you choose to consult a lawyer or use a will kit, taking action to create a will is essential. This simple yet powerful document ensures your legacy is preserved and your family is cared for according to your desires. Don’t wait to secure peace of mind—take the necessary steps to create your will today.