By: Ameera Shums
( Notary Public)
What is a Will?
Wills are an important part of planning for your family’s future. A Will is a legal document that says what you want to be done with your property and assets when you pass away. It outlines your wishes and acts as a map for those who you leave behind.
Benefits of A Will
Every adult who owns any assets, has a spouse, and/or minor children must have a will. Surprisingly, may people do not. Having a will shows a clear statement of what you would like done for your property and the necessary care you wish for your loved ones. You retain control and say over your property and gives confidence to your loved ones as they will be acting out your wishes. Knowing what your intensions and wishes are will save them a significant amount of stress, money, and provide peace of mind.
Loosing a loved one is an emotionally and financially stressful time. It can be stressful paying for funeral costs, managing childcare, and providing for your dependents with no direction of how those costs will be reimbursed. It can also create issues within a family as your wishes for distributing the estate is not known. Having a Will eliminates many of these stressful conversations and family disputes within your family.
Preparing a will also gives you power to choose who will execute your wishes on your behalf. They are called an Executor and carry out the instructions written in your will. Another option is to appoint a Guardian who will care for your any of your minor children under the age of 19 after your death. It provides you with peace of mind while you are alive, so your loved ones do not have to deal with deciding many important decisions on your behalf while battling difficult feelings.
Importance of Having a Will
A Will in Canada is important as without a Will, you loose control over who takes care of your children and who gets how much of your estate and when. You give up rights on who takes care of your minor children.
The court will need to appoint an Administrator for your estate and a guardian for any children you leave behind under the age of 19 if the other parent isn’t alive or able to provide any care. If no guardian is appointed, the Public Guardian & Trustee of British Columbia and Ministry of Children and Family Development will become the children’s guardians. The costs to administer an estate without a will drastically increase compared to having your wishes known. These costs can create cash flow issues for your personal matters that might need to be paid and cause a delay for your beneficiaries to receive their share of the estate or any gifts.
In addition, you lose the right to decide who will manage your estate after your death, who will take care of your children, and how your assets will be distributed. Without a Will, these important decisions will be made by the Government. If you have a spouse and no children, the estate passes to your spouse. If you have a spouse and children, then what passes depends on whether your children are also your spouses children.
Wills are important in Islam as well, as
mentioned in the Quran (Islamic Sharyat).
Remember: Estate Planning is an important and everlasting gift you can give your family. And setting up a smooth inheritance isn’t as hard as you think. Sometimes soon becomes never and this is a great opportunity to handle loose ends while you still can.
Email: ameerashums@gmail.com>
