As a Wills & Estates Lawyer, I am constantly reminding my clients, family, and friends to get their Estate Planning in order. Even more so lately, given the number of excess deaths in Canada, and, in fact, worldwide. It has never been as important to get your Wills put in place. We do not have a crystal ball, and lately, death is not reserved just for the elderly. There are a significant number of increased deaths worldwide in the middle-aged population, as well as the younger generation.
If you die suddenly without a Will, this can leave a great deal of stress behind for your family to administer your Estate. Do you have relatives? Do you have a bank account? Do you have a vehicle? Do you own a home (even if it has a mortgage on it)? Do you have children? If you answered yes to ANY of those questions, then you need a Will.
Whether an estate plan is simple or complex, a Will forms an integral part of that plan. It does not matter how much or how little you have; a Will is essential for everyone. A Will is your chance to deal with your assets in your own way, following your wishes and your beliefs. It gives you the chance to appoint YOUR choice of Executor and YOUR choice of Guardian for your children. A Will is not just a tool for the wealthy to pass down their legacy; it is something you do for those you leave behind. It makes things easier for them to deal with on your behalf once you are gone.
Without a Will appointing your spouse, or other family member/friend as your chosen Executor, your spouse/family has no legal authority to deal with your assets. The only way for them to be recognized as the personal representative of your Estate is for them to apply to the Court to be duly appointed as the “Administrator”. This is very costly and can take several months.
If you have any questions regarding your current Will, or would like to take the first steps to make sure your loved ones and assets are taken care of when you go, please contact Vanessa DeDominicis at 250-869-1140 or [email protected]. Vanessa practices in the area of Real Estate and Wills & Estates at Pushor Mitchell LLP in Kelowna and would be more than happy to assist you.
