What is a Will and why do I need one?
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Definition of a Will
A Will is document in which a person specifies the details and the method of management and distribution of his/her money, property and other personal belongings (collectively referred to as the estate) after death.
Why do I need a Will?
Having a will gives you the power to specify what happens to your property (estate) after death.
When a person dies without a Will, he/she is considered to die intestate. There are specific legal rules in Ontario that apply if you do not have a Will and it is quite likely that these rules will not match your wishes. A Will gives you the power to decide how your estate will be distributed after your death.
Someone you choose can be given the power to distribute your estate according to your wishes. By preparing a Will in advance, you have the opportunity to discuss the details of your wishes with this person and make sure that this person is willing to take this responsibility.
You can do estate planning through a Will and minimise the plan ahead for the tax implications on the distribution of your estate.