Why Have a Will?
- To ensure that your possessions will be distributed in accordance with your wishes. Provincial law sets out a distribution scheme for those who die without wills. It may not be what you want.
- To reduce delays in handling your affairs and avoid the expense of obtaining a bond, both of which could result in hardship to your family.
- To help ensure that the person you choose looks after your children as their guardian.
- To reduce legal costs.
- If you die without relatives or a Will, the provincial government, and not a friend or charity, will get your estate.
- A gift to a child made during your lifetime could be treated as a loan, unless forgiven in your Will.
- If you are separated, your spouse may still be entitled to share in your estate. A will can help in preventing this.
- To help plan your estate and reduce the burden of your death to your loved ones.
- To have your estate handled by someone you know and trust and who is familiar with your affairs.
This Is The Will Of John Nowill
I, JOHN NOWILL, make this my will by failing to have a will of my own choice prepared by my lawyer.
I GIVE the first $65,000.00 of all my property, both personal and real, to my WIFE. Of the remainder I give one third to my wife and the rest is to be divided equally among my children.
ON BECOMING ADULTS, my children may not be able to claim their share of my major asset, my house, until my wife agrees to sell. Since our home is not in joint tenancy, and I leave no other instructions, she is entitled by law to remain in it for life. However, as I neglected to life insure the mortgage, she may have to sell the house anyway.
I DO NOT WISH to leave any special gifts to friends, relatives or charities.
IF MY WIFE does not survive me, or dies while any of our children are minors, I do not nominate a guardian of our children, but hope relatives and friends may mutually agree on one. I hope that this process will not prove too disagreeable or expensive. If they cannot agree, a court can appoint any guardian it likes, including a stranger.
I DO NOT APPOINT an executor of my estate whom I know and trust and who is familiar with my affairs. I hope a court appoints someone I approve. If it appoints a relative of mine, I hope they can afford the bond they may be required to post.
I DO NOT MIND that the legal costs for clearing up my estate will be considerably higher.
I HOPE that the greater delays in handling the affairs of my estate will not cause too great a financial hardship for my family.
IN WITNESS WHEREOF, I have completely failed to make a different will of my own choice with the advice of a lawyer because I really did not care to go to all that bother, or to think about my mortality, and I adopt this, by default, as my will.
(no signature required)?