It’s guest blog Monday, and today I’m fortunate to have Leslie J. Kirk, a lawyer with Michael J. Farrell & Associate, write about the reasons you should have your family’s will in order before you take a vacay.
Leslie is a member of my business networking group, and I know her to be an honest and capable young professional who is sincerely looking to help those in need of wills, or those looking to buy or sell a home. As her tagline says, she’s looking for clients, not deals. So, if you need some legal assistance, give Leslie a call. Her contact details are at the end of the post.
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Why a will?
Before you take your next vacation it might be a good idea to review your will (or, to have one made if you don’t already have a will).
Reasons for having an up-to-date will include:
Tax Planning/Savings
The only sure things in life are death and taxes. When you die, your estate will be responsible for paying final income taxes and, if necessary, estate administration taxes. By creating a will in consultation with a lawyer, you can arrange the ownership of your assets and beneficiary designations to minimize income and estate administration taxes payable as a result of your death.
Appropriate distribution of your estate
Having a will will ensure that your assets are distributed according to your wishes – not the government’s. If you to die intestate (meaning without a will) your assets will be distributed according to provincial legislation. While the government’s rules might match your wishes, it is possible that the government’s distribution scheme might not reflect your intentions. By creating a will, you will be able to gift your estate to who you wish.
Custody of your children
Who would you like to raise your children if something were to happen to both you and your spouse? Your will is the place where you can make your wish known. Appointing a guardian/custodian for any minor children you have in your will makes it more likely that the person or persons whom who wish will be given guardianship of your children upon your death.
Leslie J. Kirk, Associate at Michael J. Farrell & Associate
34 Hawthorne Avenue, Ottawa, Ontario K1S 0B1
613-238-8006