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Ontario|Wills & EstatesWills 139 What is a Will and who should have one? - What is a Will and what does it allow you to do?
It is estimated that fewer than 50% of Canadians have a will. Every adult who owns property should have a will, especially if they have children. A will performs several important functions. First, it lets you leave instructions for how you want your property to be divided and distributed when you die. This can include everything from land, bank accounts and investments, to all of your personal possessions. Second, it lets you name a person who will wrap up all of your personal affairs, and who will carry out the instructions you left in your will. This person is called a "personal representative". If you have children under the age of 18, a will also gives you the opportunity to name a guardian and state your wishes as to who will look after your children if you die. A will can also be an important part of estate planning to minimize your tax burden when giving your property away.
- What if you die without a Will?
If you die without a will, your property will be divided according to the laws of Ontario. A set procedure will divide property according to family relationship. Even if you want your property divided exactly as it would be according to Ontario laws, you should still have a will because it will reduce delays and expenses involved in wrapping up your affairs.
- Requirements for a valid Will
For a will to be valid, a few important requirements must be met. First, a will must be in writing and signed. If any of it is typed or not in the handwriting of the person making the will, it must be signed in front of two witnesses, and the witnesses must also sign. A videotaped will is not valid. Second, you must be 18 years of age or older and mentally competent to make a will. Generally, a person is mentally competent if they can understand the purpose and effects of making a will. This can be an important question if the person making the will is elderly. A person under the age of 18 can only make a will if they are married, or if they are in the Canadian armed forces.
Your will is a very important document. It is also inexpensive to have professionally prepared. Most lawyers charge from $150 to $300 for a simple will. If you do not have a will, you should consult a lawyer to ensure that your wishes will be followed without complications or unnecessary expense.
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