The month of November is “Make a Will Month” in Ontario. Over half of Ontarians do not have a will of any kind in place, and for that reason the Ontario Bar Association has dedicated an annual public awareness campaign to educate Ontarians about the importance of making a will and keeping that will up to date.

Throughout November, the OBA and its members strive to educate the public about the importance of making wills and powers of attorney, as well as the value of making such estate planning tools with the assistance of a lawyer. OBA member volunteers present free legal information sessions throughout Ontario at public libraries and community centres.

Importance of making a will

Why do I need a will?

If you die without a Will you’re considered to have died intestate, and your belongings are split up according to very specific inheritance laws. You get no say in what happens to your things, including things like your pets.

By creating a Will, you will be able to choose the person responsible for managing your estate – this is your estate trustee, often referred to as an executor. You will also be able to choose the beneficiaries of your estate by directing how and to whom your assets are distributed. Having a Will also allows for proper tax planning which can help to minimize taxes (including estate administration tax). You can also protect your loved ones who are minors or disabled by including a trust in a will to control the timing and amounts for distribution of the capital and/or income of the assets of your estate.

Not having a will or not having a proper will in place can be problematic, as it can result in family disputes, as well as legal battles between siblings, resulting in the expenditure of thousands of dollars, if not more, in legal fees. All of which could be avoided by drafting a proper will.

The importance of consulting a lawyer – it’s a lot cheaper than you think

Drafting a Will is not just about populating a standard form online document – it is about gaining a full appreciation of your assets and properly instructing your trustee in the deployment of  those assets for the benefit of your loved ones, with a focus on: ease of collection and disbursement, family dynamics, and potential tax issues.

Failing to have a Will or having an improperly drafted Will without the benefit of professional advice, can lead to an unintended full or partial intestacy of your Estate and may give rise to disputes and confusion regarding your wishes. For more information about this see: https://thomasefraimllp.com/guide-for-preparing-your-will/.

Fell free to contact us at Thomas, Efraim LLP for a free 30 minute consultation regarding your Wills and Estates needs.