That’s a fair question! Most people know that Wills can give instructions for who our money passes to when we die, but there are lesser-known benefits to having a Will that can benefit even those who have yet to acquire significant assets.
1. Decide Who will Manage your Affairs
Your Will appoints the Executor of your Estate. Even if you don’t own a house, there will still be steps that need to be taken following your death, such as arranging your funeral, distributing personal items and amounts held in your chequing, savings or investment accounts, and wrapping up your affairs. A Will allows you to easily set out who will handle those tasks on your behalf without them having to bring an expensive and time-consuming Court Application.
2. Decide to Whom Your Assets Should be Given
If you die without a Will, the Succession Law Reform Act (“SLRA”) sets out who will be deemed the beneficiary(ies) of your Estate. The designations in the SLRA are often referred to as the “Rules of Intestacy”. When an individual who is not legally married and does not have children dies without a Will, the Rules of Intestacy dictate that their assets are to pass to their Parents. Individuals with a common-law partners may want to deviate from the SLRA default and leave some, or all, of their Estate to their partner as opposed to their parents.* A Will allows you to avoid these default rules of intestacy and name your beneficiary(ies) yourself.
* Note: this is an equally important consideration in regard to Powers of Attorney for Personal Care. The Health Care Consent Act sets out who can give or refuse consent to a treatment on behalf of an incapable person. A Power of Attorney for Personal Care allows you to supersede the Act and name your Attorney for Personal Care yourself. Again, this is especially important if you have a common-law partner who should be making decisions on your behalf.
Even if you don’t own real estate, you can give instructions about the assets you do have in a Will. You may have certain items that do not have significant monetary value are still precious or have sentimental value so you want them to go to specific people when you die. These items often include jewelry, art, heirlooms, or even pets. You can name specific beneficiaries for these items in your Will to ensure that these special items go to loved ones to whom those items have the most meaning.
To further explore the above benefits of having a Will, and many others, please reach out so we can connect you with our qualified wills and estate planning team to arrange a consultation.
Disclaimer: This article should not be taken as legal advice. It contains some general legal information on the topic covered in this article.
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