A Checklist for Canadian WillsApril 23, 2020
It is important to have control and peace over where your assets will go after you pass away, especially if you have children or other dependents. For this reason, it is necessary to have a will in place that properly outlines your wishes for your family and property after you leave the world. Without a will, your assets will be considered intestate and subject to the intestate provisions of the law. If you do not have a will, it is in your best interest to schedule an appointment with a notary public, like the ones at Sidhu & Associates, to get help with preparing a legally binding will. When scheduling your appointment, it can be helpful to have a checklist for Canadian wills to ensure nothing is missed.
What to Include on Your Will Checklist
If you are preparing your will, it is important to have a checklist put together that includes some of the things that you will need to write into your will. Some examples of items that should be on any will include:
Executor and Guardian Appointment
Having an executor of your estate appointed to act on your behalf is incredibly useful and important, as it can help to ensure that somebody you trust has a degree of control over your belongings. This person should not be able to benefit from your estate. The executor should be aware of their appointment and know where your will is kept, and the degree of discretion allowed to the executor should be clearly outlined in your will.
If you have young children, your will should also name their guardian. It is incredibly important that this is a person who cannot benefit from your estate otherwise and that they are aware of the situation before you write them into your will.
Legacy, Inheritance, and Beneficiaries
One of the primary purposes of a will is to outline what you leave behind and to whom it will be given. This could include family members, friends, charities, or any other beneficiaries.
How Your Legacy is to be Handled
If you are leaving behind assets, you can set up plans for it to be distributed as you see fit. This could mean staggering your children’s inheritance or putting the money towards specific things, such as school or debts.
If you are interested in learning more tips for compiling a checklist for Canadian wills, or if you are interested in any of our services, please contact Sidhu & Associates at 604-859-4825 or fill out a contact form on our website.