The Importance of a Will

Despite the well-known consequences of not writing a will, many people procrastinate or never get around to writing one at all. This could make life difficult for those who survive you. Your family or beneficiary’s inheritance could be tied up for years while the courts divvy up the assets according to provincial laws. Or worse, your minor children could be taken into custody as the authorities sort out guardianship.

Without a will, a grieving family member must apply to the court for the right to administer the estate or designate an executor to act on behalf of the deceased. Your family or loved ones may be forced to make decisions without any certainty about your wishes. Your survivors and dependents may be left with no cash for living expenses or funeral costs, and don’t forget that someone has to pay the last bills and file the final income tax return.

Financial advisors report that more than one third of parents with dependent children don’t have a current will, and one in five families end up in court with inheritance disputes.

Some of us believe we don’t need a will because “we have no money” – and yet drafting this document is one the easiest tasks on the financial planning to-do list. Simple wills are inexpensive and can be done by notaries public as well as lawyers. Do-it-yourself kits can be purchased for as little as $20 and help you put all the paperwork in order, but estate planners recommend having a professional check the final document to ensure everything is in order.

Self Counsel Press produces a Complete Canadian Wills Kit on CD that is legal in all provinces (except Quebec) and includes a checklist for survivors on what to do following a death in the family. The kit includes documents covering health care directives, a locator for safes and other storage, along with a form for recording house contents, and a template for a last will and testament. 

Another good resource for getting started is the nationwide network of non-profit public legal education associations, including:

• Saskatchewan's source for free legal information | PLEA