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Difference between revisions of "Why You Should Consider a Will"
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Why You Should Consider a Will (view source)
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{{REVIEWEDPLS | reviewer = [[People's Law School]] |date= 2014}} | {{REVIEWEDPLS | reviewer = [[People's Law School]] |date= 2014}} | ||
{{Writing Your Will TOC}} | {{Writing Your Will TOC}} | ||
A '''will''' is a legal document that leaves instructions about what the person making the will wants done with their | A '''will''' is a legal document that leaves instructions about what the person making the will wants done with their '''assets''' and obligations after they die. | ||
=== Why should I make a will? === | === Why should I make a will? === | ||
Your assets are what you own, and can include money, land, investments, and personal possessions such as jewelry and furniture. With some exceptions explained below, assets you own at your death become part of your estate. Making a will gives the you some control over what happens to your '''estate'''. With a will, you can make sure the things you own go to the people you want to have them. | |||
A will can also help the people who outlive you. They can feel sure that they are carrying out your wishes. Putting your intentions into a will can help save your family members and those you leave things to time, effort and money. | A will can also help the people who outlive you. They can feel sure that they are carrying out your wishes. Putting your intentions into a will can help save your family members and those you leave things to time, effort and money. | ||
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=== What happens if I die without a will? === | === What happens if I die without a will? === | ||
If you die without a will, there is no way to prove what your wishes were. The law dictates how your estate will be divided. The rules are set out in the [http://canlii.ca/t/8mhj ''Wills, Estates and Succession Act'']. For example, if you have a spouse and no children, your estate passes to your spouse. If you have a spouse and you had children together, your spouse gets the first $300,000 value of your estate and half the balance; the other half of the balance is divided among your children. | If you die without a will, there is no way to prove what your wishes were. The law dictates how your estate will be divided. The rules are set out in the [http://canlii.ca/t/8mhj ''Wills, Estates and Succession Act'']. For example, if you have a spouse and no children, your estate passes to your spouse. If you have a spouse and you had children together, your spouse gets the first $300,000 value of your estate and half the balance; the other half of the balance is divided equally among your children. | ||
There are further rules depending on the combination of relatives alive at the time of your death. The estate goes to the government if no relatives can be found. | There are further rules depending on the combination of relatives alive at the time of your death. The estate goes to the government if no relatives can be found. | ||
Another result if you die without a will is that the court has to appoint someone to deal with your estate. | Another result if you die without a will is that the court has to appoint someone called an '''administrator''' to deal with your estate. That person, usually a spouse or child, needs to file documents in British Columbia Supreme Court that ask the court to appoint the person to administer the estate. | ||
If there is no one who | If there is no one who applies to administer the estate, then the '''Public Guardian and Trustee''' takes responsibility. | ||
=== Do I have to make a will? === | === Do I have to make a will? === | ||
