While thinking about end-of-life planning may not be easy, creating a will is one of the most responsible and caring things you can do for yourself and your loved ones. A will is a legal document that outlines how you want your assets to be distributed, and appoints an executor(s) to be in charge of administering your estate among many other essential provisions. Here are 10 reasons why having a will is crucial for individuals in British Columbia.
1. You Decide Who Inherits Your Assets
With a will, you have control over who inherits your assets and in what proportions. Without a will, British Columbia’s Wills, Estates and Succession Act (WESA) will determine how your estate is divided, which may not align with your wishes.
2. Choose an Executor for Your Estate
Your will allows you to appoint an executor(s), who is responsible for managing and distributing your estate according to the provisions of your will. Selecting a trusted executor can help ensure your affairs are managed smoothly and with respect for your intentions.
3. Minimize Family Disputes
A clear, legally valid will can significantly reduce the risk of disputes among family members over an inheritance. By outlining your wishes in detail, you prevent misunderstandings that can sometimes lead to family conflicts.
4. Create Trusts for Loved Ones
If you want to set up a trust to support minor children, relatives with disabilities, or other loved ones, a will enables you to do so. Trusts can allow you to provide ongoing support and manage how funds are distributed to beneficiaries, according to your specifications.
5. Reduce Probate Complexity
When you have a well-prepared will, it simplifies the probate process, making it easier and quicker for your executor to administer your estate. While probate is often necessary, a clear will can prevent unnecessary delays and legal costs including receiving information from third parties like financial institutions.
6. Plan for Charitable Giving
If you want to leave a legacy by donating to charities or causes close to your heart, a will gives you the ability to make these bequests. This can be a meaningful way to ensure that your values continue to have a positive impact.
7. Avoid the Government Making Decisions for You
Without a will, the provincial government will decide how to distribute your estate, which may result in outcomes you wouldn’t have chosen. For example, distant relatives you barely know could end up receiving part of your estate.
8. Appoint Guardians for Minor Children
If you have children under 19, a will allows you to name a guardian who will take care of them in the event of your passing. This can provide peace of mind, knowing that a trusted person will be responsible for their care and upbringing.
9. Funeral and Burial Wishes
Your will can set out your wishes concerning the disposition of your remains making this often difficult and uncertain decision clear for your loved ones.
10. Peace of Mind
Perhaps the most valuable benefit of having a will is the peace of mind it provides. Knowing that your assets, loved ones, and final wishes are accounted for and protected allows you to live with greater confidence, free from worry about what will happen when you’re gone.