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Why Do You Need A Will?

A Will is a legal document that coordinates your wishes regarding the distribution of your assets after you die, as well as giving legal guardianship for your minor children. Having a Will is vital because it allows you full control over what happens to your assets. Assets can include money, investments, and property. This document will also include who your Executor will be. An Executor is a person you choose to carry out the responsibilities of your Will; they gather and safeguard your assets and distribute them to the beneficiaries per your instructions. You can also include an alternative plan to distribute your assets if the initial plan does not work out. 

According to the Wills, Estates and Succession Act (WESA), if one dies without making a Will, the following scenarios can take effect in relation to your situation:

  • If you have no spouse and no children, your estate passes on to your spouse.
  •  Spouse” can be defined as a person who had lived with you for a minimum of two years or more, in a marriage-like relationship right before your death. This said, it is important to note that under WESA, an individual can have more than one spouse at the time of their death. If you are married and separated, while living in another marriage-like relationship with another person, then you can have two spouses that will split the spouse’s share of the estate.
Why Do You Need A Will?
  • If you have a spouse and children, then what passes is dependent on whether your children and are also your spouse’s children.
  • If your children are conceived with your spouse, then your spouse will get the initial $300,000.00 value of your estate. If your children are NOT conceived with your spouse, then your spouse will get the initial $150,000.00 value of your estate. The remaining amount is then divided equally amongst the children.
  • If you do not have a spouse, then your estate is divided amongst your children equally.
  • If you do not have a spouse and no children, then your estate will go to your parents .
  • If your parents are no longer alive, then your estate goes to your siblings and is divided among them equally

If you are seeking for Will and Estate Planning Notary Surrey BC, then contact us or give us a call at +1  604-503-1313