I am less than 30, no kids, not married. Why do I need a will?
WHY DO I NEED A WILL?
Wont everything just go to my partner or my parents?
Why do I need Power of Attorney Documents? Wont my spouse or parent just care for me?
· You just got married but I already have a will. Marriage voids any will or codicil created previous to the date of marriage.
· You will be doing a lot of traveling and your affairs should be in order.
· You may have not thought of everything that a will is required for upon death.
· More and more banks are requesting a copy of the will and estate trustee designations, even on joint accounts. Being named an estate trustee in a will is much faster and easier than applying to the court for the designation.
· You have a child(ren) who should be designated as beneficiaries should you pass.
· You have child(ren) who should have a guardian named in your will.*
· You now have assets.
· You have a court order from family court stating your beneficiary designations.
· Someone who you wouldn’t have wanted may become estate trustee and wind up your affairs, and estate trustees can be paid from the estate for their work.
· Some of your assets may actually automatically go to the crown/governement.
· More and more businesses are requesting the will before anyone can close accounts, pay debts, arrange a funeral, and more.
· Do you have wishes for your end of life care or funeral that you would like your family to follow?
· Do you have conflicting ideologies than your loved ones about when life support should with withdrawn?
· Do you want your spouse, common law partner, friend, or parent to make the decision to withdraw life saving support? Would it prevent arguments to have it in writing?
· Do you want your spouse, common law partner, friend, or parent to make financial decisions for you when you are incapable? Would it prevent arguments to have it in writing?
· Do you want your spouse, common law partner, friend, or parent to make personal care decisions for you when you are not capable? Would it prevent arguments to have it in writing?
· You may need power of attorney documents prepared to designate who will run your affairs and decide your care options should you get into a car accident, become seriously injured, or find yourself incapable by some other means. This includes deciding if you should be in a care home or receiving support at home, how many hair cuts a year you should receive, how to pay for your care, and more.
· A long lost relative or unknown child could have claim to your estate without a will declaring beneficiaries.
· Were you or are you divorced or separated? Did you have a common law partner for a long time? This may have inplications on your estate upon death. Speak with a lawyer about how these people might have a claim on your estate.
· To reduce the burden on your family to wind up your estate when you pass.
· You should have a meeting with a lawyer to understand ALL of your estate obligations (Common law? Children? Divorced? Life Insurance beneficiaries? Joint Tenants? and more).
*The guardian named in the will has limitations. Speak to a lawyer to understand what this means for you and your children.