Why Have a Will

A properly drafted Will can help ensure that you get to determine how your property will be divided after your death.

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 to minimize disputes over your estate and simplify the court process.

Preparing a Will allows you to choose an Executor who will be in charge of administrating your estate and ensuring your wishes are carried out.

When you are able to appoint someone you know and trust as your Executor, 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 be able to deal with your estate.

Under a Will, you can appoint a guardian for your minor children.

If you have children under the age of 18 you will want to think about who you would like to care for them in the event of your death. More information about minors is available here.

You can use your Will to maximize tax benefits.

Careful estate planning can help to minimize taxes. Tax concessions may be available to...

assist in farm properties passing from generation to generation
assist in passing certain shares in business corporations to children
defer or minimize taxes through the use of life interests
"roll over" property to avoid capital gains tax on the estate
"roll over" Registered Retirement Savings Plans to a spouse or dependant children

Under your Will, you can also authorize your Executor to do things that they might not otherwise be authorized to do.

For example, you can authorize your Executor to…

make choices about investments
deal with trust funds
borrow money
trade in assets

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Why Have a Will

Preparing a Will allows you to choose an Executor who will be in charge of administrating your estate and ensuring your wishes are carried out.

Under a Will, you can appoint a guardian for your minor children.

You can use your Will to maximize tax benefits.

Under your Will, you can also authorize your Executor to do things that they might not otherwise be authorized to do.

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