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The Benefits of Having a Will
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The are many advantages to having a Will: A well prepared, up-to-date Will ensures that your wishes are carried out according to your specifications and in a timely fashion, sparing your family and loved ones any unnecessary cost and delays.
- Making a Will allows you to choose the person or persons who will deal with your estate when the time comes. This person is called the “Executor”. By naming an Executor, you avoid unnecessary costs of a court-appointed administrator, leaving more of your estate for your beneficiaries. Plus, your Executor will have immediate legal authority to administer your estate.
- Although it is possible to designate beneficiaries of financial assets such as insurance policies, RRSPs and RRIFs directly with the insurance or investment company involved, many people find it convenient to include all such arrangements in their Wills.
- Careful planning with your accountant or investment counsellor can help you to arrange your Will in such a manner as to minimize taxes, enabling you to leave more of your estate to family and loved ones.
- Bequests made to minor children are required by law to be held in trust until the minor reaches the age of majority. A properly prepared Will can give your Executor greater freedom to apply the funds for the benefit of your children, as well as allow you to legally nominate a guardian for them. In the event of your death, your children will be protected and cared for by someone you trust.
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