Creating a Last Will and Testament is often something people put off for “another day,” but it’s one of the most important steps you can take to protect your loved ones and ensure your wishes are respected. A Will not only gives you control over how your assets are distributed, but it also prevents unnecessary stress and confusion for your family during an already difficult time. In this post, we’ll explore the key reasons why having a Will is essential, what happens if you die without one, and how to get started on creating your own.
Why You Need a Will
A Will allows you to decide who will inherit your assets, who will be responsible for managing your estate, and who will take on the responsibility of caring for your minor children. Without a Will, your estate will be divided according to provincial intestacy laws, which might not reflect your personal preferences. Here’s why having a Will is so crucial:
- Ensures Your Wishes Are Followed
A properly drafted Will gives you control over what happens to your assets. Whether it’s your family home, heirlooms, or savings, a Will ensures they go to the people you choose. - Reduces Family Conflict
Without clear instructions, disagreements over your estate can arise, leading to conflicts that may harm family relationships. A Will can help avoid such disputes by clearly outlining your intentions. - Provides for Your Children
If you have minor children, a Will allows you to designate a guardian to care for them. Without this, the courts will decide who takes on this role, which may not align with your wishes. - Simplifies the Estate Process
A Will speeds up the legal process of distributing your estate and makes it easier for your loved ones to access funds, reducing the administrative burden during a difficult time.
What Happens If You Die Without a Will?
If you pass away without a Will, your estate is considered “intestate,” meaning it will be distributed according to Alberta’s default laws. This can lead to unintended outcomes, such as:
- Assets May Not Go to Your Preferred Beneficiaries
Intestacy laws follow a strict formula that may not align with your personal wishes. For example, your spouse may not receive everything, and your children might inherit part of the estate sooner than expected. - Increased Legal Costs and Delays
The absence of a Will can lead to lengthy court proceedings, increasing the cost and time needed to settle the estate. - The Court Appoints a Guardian for Minor Children
If you haven’t designated a guardian in a Will, the court will decide who cares for your children, which might not be the person you would have chosen.
How to Get Started with Will Preparation
Creating a Will doesn’t have to be complicated. Follow these steps to get started:
- List Your Assets
Take inventory of your major assets, such as property, bank accounts, investments, and personal items. This will help you determine how you want to distribute them. - Choose Your Beneficiaries
Decide who should receive your assets and how they should be divided. Be as specific as possible to avoid confusion. - Select an Executor
Your executor is the person responsible for carrying out the instructions in your Will. Choose someone trustworthy, organized, and capable of handling these duties. - Designate a Guardian for Minor Children
If applicable, choose a guardian who will raise your children if both parents are deceased. This should be someone you trust deeply and who is willing to take on this responsibility. - Seek Professional Assistance
While DIY Will kits are available, working with a legal professional ensures your Will is properly drafted and legally sound. At McKenzie Legal Services, we provide guidance to make the process easy and thorough.
The Role of Legal Professionals in Will Preparation
A well-drafted Will is crucial for ensuring your wishes are respected and your loved ones are protected. Working with a legal professional simplifies the process and reduces the risk of errors. Our team at McKenzie Legal Services can assist you in creating a comprehensive estate plan that addresses all your concerns, from asset distribution to guardianship arrangements.
Conclusion
Don’t wait until it’s too late to create your Will. Taking the time to plan now will save your loved ones from unnecessary stress and ensure your legacy is protected. If you’re ready to get started or have questions about estate planning, contact McKenzie Legal Services today. We’re here to help you secure your family’s future.
Ready to protect your legacy? Contact us today to book a consultation and start planning for peace of mind.
