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A properly drafted Will can allow you to determine where your property will go after your death. There are several considerations that go into making a Will.
Regardless of how much property you own or money you have, a Will lets you choose what happens to it after your death. Clearly setting out your wishes in a Will can help simplify things and avoid disputes over your estate. Without a Will, you lose control over what happens after you die. Below are some of the benefits to making a Will.
See Wills & Estates Terminology for definitions of words related to Wills.
Preparing a Will allows you to choose an executor who will administer your estate. When you appoint an executor who you know and trust, you have more control over the distribution of your estate. If you do not have an executor, in most cases someone would have to make a court application to administer your estate.
Under a Will, you can authorize your executor to do things that they might not otherwise be authorized to do. For example, you can authorize your executor to:
Under a Will, you can appoint a guardian for your children who are under the age of 18. If you are the only parent of minor children, you will want to think about who will care for them in the event of your death. More information about minors is available here.
Careful estate planning can help to minimize taxes. For example, there are tax benefits to assist in passing farm properties from generation to generation. There are also tax benefits to passing certain property to your spouse. This can be complicated, so it is a good idea to speak with an estate planner.
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