When it comes to estate planning the importance of having a will is one of the first aspects mentioned. Almost everyone knows that they should have a will but do you know why? If a person dies without a valid will then they are said to have “Died intestate” This can be a big problem for many reasons.
1) First, the distribution of your assets has already been pre-determined by the government and may not reflect your current wishes.
2) Without an appointed Executor, no one will have the authority to look after your property. The court application process to appoint an executor can be lengthy, costly, stressful and time-consuming. There is also the chance that the Executor ends up being someone you would not trust had you been selecting an individual yourself.
3) The laws that govern dying without a will refer only to a legal spouse. If you are living common-law, you would have to specifically provide for that person in your will; in there is not Will, the property will be distributed, in most cases as though you did not have a common-law spouse.
4) There is also the potential for increases in tax and probate costs which would have been minimized through proper planning.
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