Many people die with lots of regrets. If there is one regret you do not want to die with, it’s failing to prepare your will. When you depart this life, you would no longer have control over your estate, but with a will, you can still express your wishes and have the power to carry them out.
A will is a legal document that gives people the authority to command what should be done with their assets once they expire. If you still do not have one, this article would tell you the consequences you and your family may experience should you pass.
What Could Happen to Your Children
If you have children, the will is an important document that you must secure. Otherwise, the court would follow state laws in determining who will take care of your kids. Having a will is the best way to protect them.
Here are two possible scenarios when you die intestate:
- If you are a single parent, your children might end up living under someone you disapprove of.
- The inheritance you plan to give your children might not end up in their hands because of the lack of a will. If they do end up inheriting your estate, you have no say on what age they will receive them or what happens to your estate if they are still minors.
What Could Happen to Your Properties
When it comes to your properties, here is what could happen:
- If you have a spouse but no children, all your assets would automatically go to your partner.
- If you have a spouse and children, the first $200,000 of your total assets would automatically be given to your spouse. The remaining assets would be equally divided among the spouse and your children. If your entire estate does not go over the $200,000 value, then all of them goes to your surviving spouse.
- In case you have no family yet, the state would give all of your assets to your parents.
- If you have neither a family of your own nor living parents, the state will distribute your property equally among your siblings. If they are no longer present, the state will distribute the property to your nephews and nieces.
- If the nephews and nieces are non-existent as well, the law says that your property would be given to the “next of kin of equal degree of consanguinity to the intestate equally.”
- If none of the options are available, all your property will become the state’s.
If you do not want any of these to happen, it would be best to plan and formalize your will ahead of time.
In any case, your family can still apply as an Estate Trustee to the court or an appointed individual who would take over your estate. However, doing so would take a lot of time and would also incur some costs. It could also be the reason for conflict between family members.
All people want to die in peace, but dying without a will could ruin that. Having a will can secure your children’s welfare and your hard-earned assets. It can also save them from going through the problems mentioned above. Consider preparing a will as early as possible. That is how you can give security and peace to your whole family.
If you are not sure how to write a will and make it legal, let wills and estates lawyers help you. Ontario Wills & Estate Plans recognizes that every client has different needs, so we are here to provide the service suited for them in a way they would easily understand. Learn more about your options by contacting us today.