As you get older, it’s normal to start thinking about your estate and getting your affairs in order. If you don’t already have a will, you may wonder whether you need one in the event of your death...
As you get older, it’s normal to start thinking about your estate and getting your affairs in order. If you don’t already have a will, you may wonder whether you need one in the event of your death. The short answer is no. Nevertheless, a will is an essential document. Here’s why.
The specifics vary depending on the province, but generally, if you don’t have a will at the time of your death, your assets will still be distributed to your heirs. However, the distribution may differ from what you would have wanted.
Usually, your spouse will receive a set amount before the remainder is divided among your children and other family members, if any exist. A will is essential because it allows you to decide how your assets will be divided among your heirs. Specifically, you indicate who inherits what and who’ll act as an executor.
There are three basic types of wills in Canada: formal, notarial and holographic. Consult a lawyer to learn the differences and determine the best type for you.
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