September 27, 2022 | Danny J. McMullen
The Importance of Preparing a Will
A will is an instrument that allows for your guidance on the distribution of your assets. Without a will, your estate will be distributed in accordance with the rules set forth in provincial legislation. Needless to say, the legislation of intestacy might not be in accordance with your wishes of distribution. It cannot be overstated how important it is to have developed a proper will and estate. By facilitating a legally executed will, you can ensure the administration of your estate is orderly and without any headaches. Another important area to consider is to provide for children under the age of majority with sufficient funds for their care, maintenance, upbringing, and education.
In a field as complex as wills and estates, it’s no surprise that there are a multitude of considerations to keep in mind while planning your estate.
- What You’ll Transfer – In essence, any assets owned wholly by you will be governed by the provisions in your will. Importantly, examples such as life insurance policies that you have designated to certain beneficiaries will go directly to that beneficiary and will not abide by any provisions of your will.
- Taxes – This can be a stress-inducing area of the law. Whether it’s estate administration taxes, income taxes, or anything in between, Northview’s team of professionals will make this as painless of an experience as possible. For example, certain capital gains can be deferred as RRSP’s need to be carefully considered upon the administration of an estate
- Reviewing your Will – Most people do not review their wills on a regular basis and make only one or two wills in their lifetime. However, it is advised that you review your will every time there is a change in your financial situation, marital status, or there is a death of anyone named in your will. By keeping your will up to date, you can be confident that it will be distributed in its entirety.
The Northview Team Will Work For You!
Our team will handle everything surround your will and estate, including:
- Assembling your initial will
- Drafting a power of attorney for property or personal care
- Revisions of any subsequent will
- Creating any other necessary documents surrounding your estate
Our team of dedicated and experienced professionals will be with you every step of the way. We mean it when we say we’ve seen every type of issue that can arise and are ready to deal with it as quickly as possible. Speak with us today to plan for the future for you and your loved ones.