What is a Will and it’sBenefits?

A Will is an authoritative document that you make to manage your resources and the guardianship of minor kids after death. A Will is not applicable until the individual dies. It is a fact that almost half of the people living in Canada have a Will. Every person who has kids or has property ought to have a Will.

Having a Will has some essential benefits. These advantages are given below:

• If you have kids who are under 18, a Will offers you the chance to state the name of the guardian you wish to take care of your kids and their property in case you die.

• It allows you to leave directions for how you need your property to be divided or distributed after your death. This can incorporate everything from investment, bank account, land, and other personal belongings.

• It allows you to name an individual who will see after all your personal affairs and who will manage to perform all the instruction you mentioned in your Will. This individual is known as an individual delegate, agent, or trustee.

• A Will can likewise be a significant document of estate planning to limit your taxation rate when parting with your property.

What if you don’t prepare a Will before your death?

If you didn’t prepare your Will before you die, your property or asset will be partitioned by the laws of Ontario. According to the laws of Ontario, the property is divided as per the family relationship. If you don’t want your property divided precisely as it is indicated by Ontario laws, you must have Will since it will decrease deferrals and costs associated with managing your estate.

Necessities for a lawful Will

For maintaining the legitimacy of Will, some significant requirements should be met.

1. A Will should be recorded in writing and must be signed. If in case Will is not prepared in writing of the individual making the Will, it should be signed in the presence of witnesses. Signing of witnesses are also mandatory. A recorded Will isn't considered a valid Will.  

2. The individual making the Will should be 18 years old or more, or if the testator (person making Will) is under 18 following requirement must be fulfilled:  

• testator must be married,
• testator is contemplating marriage, but the Will is only valid after the marriage,
• testator must be employed in the Canadian Armed Forces, or
• testator is a sea sailor

3. For making a Will, the Testator should be mentally fit to understand what is written in the Will. Usually, an individual is mentally fit if they acknowledge the reason and impacts of making a Will. This can be an important question if the person making the Will is elderly

Want to know in brief about Wills?

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For further information on what a will is and its benefits, please contact Notarizers by email at Info@Notarizers.ca or by phone at 416-782-5926. Victor Opara. Victor Nnamdi Opara. Opara Law PC. Notary Public. RCMP Accredited Fingerprinting Agent. Pardons, Waivers. Police Clearance. Notarizers.ca. TheFingerPrinter.com, RCMPeFingerprinting.com in North York, Toronto, Etobicoke, Scarborough, Ajax, Markham, Woodbridge, Thornhill, Vaughan, Richmond Hill, Mississauga, and Brampton.