What is a will?
When there’s a will, there’s a way…
A will is a legal document that clearly outlines your directions and wishes for how your estate should be distributed after death. Your “estate” includes your property, money in your bank account, investments, savings accounts, and personal items such as a vehicle, household items, and pets. Your estate also includes your debts, such as a mortgage, bank or vehicle loans, and taxes.
In your will, you appoint an executor to manage your estate and ensure your wishes are followed. An executor should be someone you trust to carry out your intentions. Your executor must follow the instructions left in your will and the law in carrying out your instructions.
Your will can instruct your executor to manage:
· how your property, money and other assets should be distributed
· who you wish to care for any minor children or pets
· your preferences for funeral and burial or cremation arrangements
· any charitable bequests
Without a will, your estate will be distributed according to Ontario’s intestacy laws, which might not accurately reflect your wishes and could lead to family conflicts. “Intestacy” means that there are no written instructions and there is no legally valid will left behind after death. If you die without a will, someone would need to apply to the court to ask for the authority to manage your estate. Applying to the court can become costly and time-consuming for your family members. A will would provide your family with clear instructions to distribute your estate and ease the grieving process.
