Whether you’re 28 — or 82, having a document in place outlining how you want your assets to be distributed and who will take care of estate in the event of your death can ensure your legacy lives on the way you want it to. Creating a will can also make things much easier for your loved ones after you pass.
Without a will, the provincial government will dictate how your affairs are handled. This is not always the most beneficial outcome for your family and can end up placing a burden on those who survive you, creating potential tension and strife among family members.
Often referred to as a “last will and testament,” a will is a legal document that outlines your final wishes, which are then carried out by your appointed executor after your death. Most lawyers agree that all adults, regardless of amount of assets they own or their particular family dynamic, should have a will drafted as early as possible.
In addition to outlining asset distribution, a will may also be used to provide instructions on the following:
- Naming a primary and an alternate executor
- Naming guardians for minor children
- Making specific gifts to particular beneficiaries
- Setting out how debts should be resolved
- Making funeral or other arrangements on your passing
- Setting up testamentary trusts
While there are a number of DIY will kits on the market, “you don’t know what you don’t know”. This is why we highly recommend consulting the advice of a lawyer in drafting your will and other estate planning documents. This will ensure that your wishes are legally, accurately and fully carried out as you intend upon your passing.
There are many technical and legal issues that arise when drawing up a will. For instance, did you know that not all of your assets may actually fall into your estate and be distributed under your will? Namely, legal ownership of a property may affect the distribution of your estate, and, without consulting a lawyer, your intentions of how that property is gifted may not be carried out as you desire.
Feel free to contact our office to learn more. Creating a will doesn’t have to be an overwhelming experience, and our Burnaby and New Westminster lawyers at LMN Law Group are ready to help. Taking a little time to get your affairs in order now will save your loved ones a tremendous amount of time and stress in the future.
LMN Law Group is one of Burnaby’s top law firms. If you’re looking for a Wills and Estates lawyer in Burnaby our legal professionalsare here to serve you.
The information contained here should not be construed as legal advice. We strongly recommend that readers contact a lawyer to obtain legal guidance specific to their unique situations.