CLIENT TALK
Nov, 2007
Why a Will?
Any individual who owns property, has assets or is one day going to die should have a valid Will. These Wills should be reviewed at least once every 5 years to ensure that they are up-to-date and accurately reflect your current final wishes.
Your Will is designed to provide loved ones with direction on how to deal with your estate once you have passed away. These instructions are designed to simplify matters while still allowing you to direct what happens to your worldly goods once you’ve passed on. Your Will can be as flexible as you may require, can arrange to provide for everything to your spouse or to take into account not only your spouse and children but also charity, other family members and special friends. Your Will is a way to appoint guardians for your children and ensure that they are cared for in the way that you intend. Your Will, will address the inheritance of not only your financial assets but also such personal goods as may have sentimental value to loved ones. Without your Will the disposition of your goods will be based solely on statute and will not allow for the flexibility or specific concerns that you may have in your personal circumstances.
Wills can be structured to provide for inheritances that are paid out over a period of time in the form of a trust or the creation of wholly discretionary trust which allow for creativity in structuring a trust for a disabled child or loved one in order to benefit them without necessarily impacting on any other benefits that they may receive.
Your Will, will provide instructions for the executor of your estate as to how to deal with any property that you own, whether it can be sold, rented or what authority they have to manage your assets and can even leave direction as to whether or not you prefer burial or cremation.
When attending to have your Will prepared we are also happy to discuss with you various estate planning steps that may apply in your circumstances and ways that you may look to structure your finances during your lifetime to provide ongoing benefit to your family while also providing you with tax benefits.
The preparation and signing of a valid Will is an important step that we recommend that every person take no matter what their age or occupation so that they can ensure that when the inevitable occurs, their estate and their final wishes will be cared for and carried out in the way that you desire.
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The opinion(s) expressed in this article may not be shared by the Law Corporation and is the opinion(s) of the author. This article is not intended to substitute for the advice of a lawyer. Please consult a lawyer regarding any legal issues you may have.
Shook, Wickham, Bishop & Field
906 Island Highway, Campbell River, B.C., V9W
2C3
Tel: (250) 287-8355
Fax: (250) 287-8112
Email: wickham@crlawyers.ca
