Will: Why have one?

Here are several excellent reasons as to why you need a valid Will:

1) A Will determines who controls your estate after your death (the executor/trustee);

2) A Will identifies the person(s) that will receive your estate (the beneficiaries);

3) You can make specific bequests legally-binding by including them in your Will;

Example: Your father's watch.

4) A Will ensures that your favorite people, organizations and causes are beneficiaries of your estate if you wish.

5) Having a Will minimizes estate expenses that result when a person dies without a Will;

6) If you die without a Will (intestate), legislation and Courts will determine who is entitled to your estate and the amount of your estate that they will receive. If you die without a Will and without intestate successors, your estate vests in the Government.

7) If you have infant children and you die without a Will and your spouse is also deceased or unfit to act as the parent of your children, the Court will appoint someone to care for your children. This may not be the person who you would have chosen as the Guardian for your children. Contested Guardianship proceedings will result in your Estate incurring needless expense. The Guardian would be responsible for your children's physical care, health care, education and general well-being until they reach 18 years of age (19 in some provinces).

NOTE: While the courts will fulfill your guardianship request in most cases, they do reserve the power to overrule your request if they feel that appointing a different guardian would be in the best interest of your children.

8) Not preparing a Will can result in costly litigation and additional emotional pain for loved ones which is unfortunate considering that preparing a Will can be simple and relatively inexpensive.

Will: What is "Probate"

Probate is the official proving of the Will. More specifically, probate is the process by which the Ontario Court certifies that a Will was properly proved and registered in the Court and that the administration of the property of the testator was duly committed to the estate trustees.

The Court's granting of probate offers real protection to both estate trustees who administer an estate and third parties dealing with the estate trustees.

Ex. If it turns out at a later time that a probated Wills is not, in fact, the last valid Will of the deceased, all acts completed under the authority of the probate, nevertheless, will be treated as valid.

Testator- the person who has written and executed a last will and testament that is in effect at the time of his/her death.