15/09/2020 by Kristen O'Keefe
Ten Reasons for Getting Your Will Done
Has getting your Will done been on your “to do” list for years? Here are ten reasons why you should finally get it done.
- A Will lets you control how your estate will be distributed upon your death. In Newfoundland & Labrador if you die without a Will, then provincial legislation (called the Intestate Succession Act) will dictate how your estate is to be distributed and this might not be in line with your wishes. For example, if a married person dies with a living spouse and one child and no Will, the law states that the spouse and child will each inherit 50% of the estate. If a married person dies with a living spouse and more than one child and no Will, the law states that the spouse gets 1/3 of the estate with the remainder to be split equally amongst the children. If this is not how you want your estate distributed when you die, then it is important to get a Will created.
- If you do not have a Will and you are in a common law relationship, then your common law spouse could potentially be left without any of your estate. Only married spouses are recognized under the Intestate Succession Act. Putting a Will in place helps ensure your common law spouse may inherit from your estate (if that is your intention).
- You can appoint a guardian for your minor children in the event of your death (and where there is no other suitable parent who can take on that responsibility).
- You can set conditions in a Will which determine how old your children (or grandchildren) must be before they can inherit from your estate and set additional conditions that you think would be appropriate in relation to a minor’s inheritance.
- Having a Will can give you peace of mind and also help to lessen conflict amongst family members after your death, because your final wishes are clearly documented.
- Having a Will in place often saves time and money upon your death. It makes for a much smoother transition for the grieving family members left behind.
- Having a Will may help avoid delays in settling your estate after your death.
- You can use a Will to set out your burial and funeral instructions.
- You decide who should be appointed as Executor to manage your estate after your death.
- Getting a Will done in Newfoundland & Labrador is likely not as expensive as you may think. As of 2020 at Chislett Whitten Law, a simple Will can cost as little as $337.50 plus tax per Will if done as part of a spousal Wills package.
For more information or to get your Will done in St. John's, Newfoundland & Labrador and surrounding areas, please contact Wills & Estates lawyer Kristen O’Keefe at 709-726-1977 or via email at kokeefe@chislettwhittenlaw