Do you have a will? If not, maybe it is time you consult a property lawyer to make one up.

According to an Angus Reid  poll conducted in January 2018:

• 35% say that they have a will in place
• 51% of Canadians do not have a will (Out of which 25% think that they are too young to think about it; 23% said they don’t have enough assets to make a will worthwhile; 18% find it very expensive; 5% find it time-consuming to get a Will written; and 8% said they do not want to think about dying.)
• The remaining (around 14%) have a will but that is not up to date.

This is an alarming fact that shows how lightly the matters is taken. Making a will is considered a long-term to-do list item but usually never become a priority. As a result, many people die intestate (without a will), creating problems for their families, including disputes over inheritance of property by spouses and children and financial support to dependants.

Not convinced yet? Here are eight strong reasons why you should prepare a will.

8 Strong Reasons Why Everyone Needs to a Will

1) To Ensure Your Property Is Inherited by Your Loved Ones

The most common and simple reason to make a will is to decide who will get your property when you die. If you die intestate, there is no guarantee that your property (residential or commercial) will be inherited by your family. Instead, the Ontario government will determine how your property will be distributed. In case you want your best friend to take control of your property after you die, it is less likely to happen because, generally, the property is distributed to your closest relatives.

2) To Appoint a Guardian for Your Children

Being a single parent is a daunting task. But what will happen to them after you pass? With the help of a will, you can decide who will care for your children when they don’t have you with them. You can choose a guardian for your children, make sure they are looked after by someone you love and trust.

3) To Avoid a Lengthy Probate Process

All estates must go through the probate process, irrespective of the deceased having a will or not. However, having a will definitely helps speed up the process by informing the court how the owner wanted their estate to be divided. In the absence of a will, the probate process of deciding how the property should be distributed can be time-consuming and cause unnecessary delay.

4) To Avoid Paying Extra Court Fees

When a person dies intestate, the court appoints an executor/administrator to wind up the deceased’s affairs. This can be costly as the court will charge 10 percent of everything you own as an administration fee. You can easily avoid this charge by preparing a will and appointing someone from your family or friends to carry out these tasks according to your wishes. Consult your real estate attorney to understand the role of an executor and then decide who would be the best person for this role.

5) To Decide Who Will Wind Up the Affairs of Your Estate

As mentioned earlier, an executor plays a role in administering your affairs after you pass away. Executors make sure that all your affairs are in order by cancelling your credit cards, paying off bills, and notifying banks and other business establishments about your demise. That’s why it is essential that a trustworthy person takes up this role. However, if you don’t have a will, you won’t be able to decide your executor and your estate may end up in the wrong hands, such as the ex-spouse with whom you had a bitter divorce.

6) To Protect Your Business

Preparing a will is not only necessary to distribute your personal property but to also pass your professional wealth on to your heirs or the co-owners of your business. If you are a partner in a business, there is a good chance it will be affected by your death. But, with a will, you will be able to decide who gets your shares in the business, whether it be your children or your partners.

7) To Give You the Scope to Change Your Mind If Your Life Circumstances Change

Life is full of uncertainties. You never know what will happen next. A strong reason to prepare a will by consulting your real estate lawyer while you’re alive is so you can change it depending on life changes like births, deaths, and divorce. For example, if you were single all your life and thought you would have no heir to inherit your estate, you might have no problem in the provincial government taking it. But if suddenly you find someone special and decide to get married, now you have a responsibility to your spouse and want to ensure they lead a comfortable life after your death. If you have a will, you can update it anytime.

8) To Avoid Clashes Within Your Family

You might think that your children have a strong bond and will share your estate and personal belongings equally after your death. However, this is not always the case. Many individuals don’t have a good relationship with their siblings, for many reasons. From differences in opinions to misunderstandings, there is a chance your children might not get along in the years to come. Hopefully this never happens within your family, but it is best to be prepared. By creating a will, you ensure that your children don’t have any more disputes than they may already have. You also ensure that your estate and belongings are distributed equally among your family, including your children.

Hopefully the reasons mentioned in this blog will convince you to prepare a will and avoid legal, financial and personal troubles for your family and loved ones. Get in touch with an experienced property lawyer today to discuss your estate planning, get an understanding of how you should be prepared for the future, and to create a will.