At Hemminger Law Group we know the importance of doing a Will for our clients.
That is why we have an offer to prepare your Will for $500 per person. We know....it's a great deal right?
Although we agree it is a boring thing to spend money on, it is an important thing to do.
The Wills, Estates and Succession Act deals with this area of the law.
The Importance of Making a Will:
A Will is the legal document that directs where your money, assets, and investments will go after you die. If you have young children, it will also decide who is going to care for them in the event of your death.
Although your overall estate planning process will likely include other things like a Representation Agreement (designed to plan what will happen if you lose your mental capacity), having your Will drafted and completed is a very important first step in ensuring your estate needs are looked after.
If you have any assets whatsoever, a spouse, or young children, you should consider doing a Will.
If you do not, then you do not get to decide what happens to your assets or even your young children in the event your death.
If you don’t have a Will it will cost your children, your spouse and your loved ones time, stress and money considerably more than if you had prepared a Will. In essence, the cost and stress of administering your estate by your loved ones can increase dramatically.
What Happens If You Die Without Doing a Will?
When looking at the importance of making a Will, the big reason why it is so important is because you don’t want to die without one. If you die without a Will, at least in British Columbia, the Estate Administration Act governs how your estate will be distributed. How your estate will be distributed has nothing to do with your wishes, or what even makes sense in your circumstances.
So, you can see that when making a Will you can distribute your assets the way you want to distribute them instead of having things distributed in a way you do not want or had not planned.
Does a “spouse” include a common-law spouse?
The definition of “spouse” in the Estate Administration Act includes a person who has lived with you for at least two years in a marriage-like relationship immediately before your death. It can be a common-law, gay, or lesbian relationship. This means that more than one person could be your “spouse” for the purpose of sharing your estate. If this happens, each spouse would share in the estate in portions that a court decides are fair.
So, let’s say that you have separated from your spouse but you have neither finalized a Separation Agreement nor the Divorce, and you have moved in with a new partner. Your original spouse will get a share of your estate unless you have a Will. Maybe this is something you would not want to happen if you have already divided your assets and your spouse has received his or her fair share already. Something to think about.
Contact us at Hemminger Law Group to set up an appointment to do your will for $500.