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Westcoast Wills & Estates

Why get a Will?

Why get a Will?

  1. Increased cost of dying without a Will

Without a Will:

  • Simply put, the cost of dying without a Will is often far greater than the cost of drafting a Will. There is generally confusion as to who does what and this often ends up costing money.  Legal advice will need to be obtained to figure out what to do.  An extra step in the probate process may be required.  And finally, the court may ask the person who ends up being the administrator to post a bond in order to administer your estate.  Premiums for such a bond can be expensive.

With a Will:

  • A Will simplifies things – and with simplicity comes reduced cost.  The court would also not ask for a bond.
  1. Confusion

Without a Will:

  • If you die without a Will, there is confusion as to who does what.  Who arranges the funeral?  Who pays the taxes? Who applies to the court for administration of your estate?   Whoever does administer will likely have difficulty dealing with financial institutions and government agencies before obtaining the grant of probate – leading to a lot of frustration.  If there is more than one person who is interested in administering your estate, then the court will have to decide between the two people.

With a Will:

  • The executor is in charge.  They simply follow the instructions in the Will, and generally they don’t have much trouble dealing with financial institutions and government agencies.
  1. Restricted access to your information

Without a Will:

  • Banks do not like dealing with estates where there is not a will because it is unclear to them who they should be dealing with.  Because of this, family members often have a difficult time obtaining account information about the deceased’s accounts.  Obtaining this information may involve an additional court procedure – which adds more cost.

With a Will:

  • Most banks are comfortable giving information about a deceased person’s accounts to their executor named in their will.
  1. Unfair distribution of Assets with spouse and children

Without a Will:

Your estate will pass according to the strict rules of “intestacy,” some of which are:

  • If you have a spouse and no children, your estate passes to your spouse.
  • If you have a spouse and children, and the children are both yours and the spouse’s, then your spouse gets the first $300,000 value of your estate, and if there is any remaining, half of the balance goes to your spouse, and the other half is divided among your children.
  • If you have a blended family, where you have a spouse but the children are from a previous relationship, then your spouse gets the first $150,000 value of your estate, and again, if there is any remaining, half of the balance goes to your spouse, and the other half is divided among your children.

With a Will:

  • You have the freedom to decide who to give your estate to.

Stay tuned, we will be adding more of the many reasons soon.

This website is strictly informational.  None of the information contained on this page is legal advice, and it should not be relied on.  Links on this webpage are not endorsements of any product.  Please see the complete terms of use of this website.

Reviews

Navigating the complex details

We have a great deal of gratitude for Mike for his patient and generous support of our mom, whist navigating the complex details of our father’s probate and estate details.  His expertise, coupled with his kind and gentle approach,  ensured Continue Reading

Yvonne, Vivian, Ralph H North Vancouver February 13, 2013

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