Why do I need a will? A very common question. It seems all too easy to shrug your shoulders and treat it like no big deal for a pair of very good reasons. One, you are not going to die anytime soon. Two, in the event that you do, it’s going to go to your family anyway. What is the point of talking about your death to a lawyer?
Well, not thinking about death is not going to make you any less immune to it. Fortunately, a lot of us have loved ones who will continue to do the living and it is for their benefit that you want a well-structured, foolproof will.
For example, many people are surprised to hear that if the unthinkable happens and their minor children are set to inherit their full estate, the government actually gains control of it, until the children reach the age of 18. You can only imagine how much of that will be left after the CRA gets through with it. Then, the moment your child turns 18, he or she receives a cash windfall. Think back to when you were 18. How long would money in your hands have lasted?
Setting up a proper trust for minors, which will support them throughout their youth, before releasing the remainder at such a time you feel they are ready, is just one of the many considerations to look at. A proper will can save tax dollars, structure trusts, ensure that one’s funeral wishes are met, keep valuable items in the family and more.
Your estate is your possession. Make sure it falls into the right hands. Contact our team today. Bykov Law has earned a reputation amongst peers and clients for quality of service, good communication, and breadth of knowledge. We’re here to help.