A will refers to a legal document that will dictate how your assets and property will be distributed. You need to prepare a will. However, professionals have debated endlessly on who should prepare a will. There are many benefits of having a will:
- If you have a will and pass away, your assets and properties will be distributed according to your outlined wishes.
- If you don’t have a will and pass away, it is referred to as dying intestate and the law stimulates who gets your assets and property. Your spouse and children will be given top priority but it gets complicated if you have no spouse or kids.
Even though the recommendation is that everybody should have a will. According to Francis Lawyers, these categories of people need to prepare a will.
If you are married, you should have a will since your spouse may have helped in acquiring assets and property and is close to you. Having a will puts into writing what he/she gets after your demise.
Do not leave it to chance even though your spouse will traditionally inherit all your assets. An estate planner will help you include all other people you want to inherit your property or assets in the will since it won’t happen by default.
People with Children
If you have children, you need to write a will since they will most likely inherit your assets. Some people will want their children to inherit their assets after their spouse or may not want some children to inherit their assets. It is advisable to put it into writing to avoid court process and interpretation.
The will Ottawa guidelines allow for the naming of a guardian of your children and an executor of your estate. Finally, you can change your will as is necessary. You may need to include other children or alter some of your decisions in the future.
You have a positive net worth
If you have a positive net worth but are single and have no children, you should have a will. It is recommended that you prepare a will if you have assets worth more than $100,000. You can sign a living trust that immediately becomes effective.
It is always easier to have a will or trust to govern how your assets will distributed once you die. Clarity is the most important at death.
How to Prepare a Will
It is advisable to work with Francis Lawyers in writing a will so that they can guide you and answer all your questions. You will want to get the best possible advice when estate planning and making those important decisions. They will help you break down all details with regard to your assets and property.
With professional will Ottawa advice, you have better control of all important decisions while you are still alive. Francis Lawyers will help explain the differences between a will (comes into effect at death) and a living trust (immediately comes into effect upon signing).