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66 Wentworth Street, Sydney, NS, B1P 6T4

At​ ​what​ ​point​ ​in​ ​my​ ​life​ ​do​ ​I​ ​need​ ​a​ ​Will?

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At​ ​what​ ​point​ ​in​ ​my​ ​life​ ​do​ ​I​ ​need​ ​a​ ​Will?

In​ ​the​ ​simplest​ ​form​ ​the​ ​​ ​principal​ ​purpose​ ​of​ ​a​ ​Will​ ​is​ ​to​ ​allow​ ​you​ ​to​ ​direct​ ​how​ ​any assets​ ​you​ ​have​ ​accumulated​ ​will​ ​be​ ​distributed​ ​upon​ ​death.​ ​It​ ​also​ ​allows​ ​you​ ​to​ ​name the​ ​person(s)​ ​(your​ ​executor)​ ​who​ ​will​ ​have​ ​the​ ​authority​ ​and​ ​responsibility​ ​to​ ​carry​ ​out your​ ​wishes.​ ​Clearly​ ​if​ ​you​ ​have​ ​young​ ​children​ ​it​ ​is​ ​critical​ ​that​ ​you​ ​make​ ​provision​ ​for such​ ​items​ ​as​ ​naming​ ​a​ ​guardian,​ ​setting​ ​up​ ​a​ ​trust​ ​so​ ​estate​ ​funds​ ​can​ ​be​ ​used​ ​for their​ ​maintenance​ ​and​ ​care​ ​and​ ​so​ ​forth.​ ​Many​ ​people​ ​,​ ​based​ ​on​ ​the​ ​balance​ ​in​ ​their bank​ ​account,​ ​feel​ ​they​ ​don’t​ ​have​ ​enough​ ​assets​ ​to​ ​bother​ ​making​ ​a​ ​Will..​ ​From​ ​our experience,​ ​​ ​regardless​ ​of​ ​your​ ​age​ ​if​ ​you​ ​have​ ​entered​ ​the​ ​workforce​ ​the​ ​old​ ​saying often​ ​applies​ ​“you​ ​are​ ​worth​ ​more​ ​dead​ ​than​ ​alive”……​ ​by​ ​that​ ​we​ ​mean​ ​most​ ​younger persons​ ​can​ ​secure​ ​a​ ​relatively​ ​cheap​ ​term​ ​life​ ​insurance;​ ​most​ ​often​ ​associated​ ​with company​ ​health​ ​plans​ ​there​ ​is​ ​a​ ​mandatory​ ​life​ ​ins​ ​component,​ ​many​ ​people​ ​have​ ​their Mortgages​ ​insured​ ​so​ ​upon​ ​death​ ​what​ ​may​ ​have​ ​been​ ​considered​ ​a​ ​burden​ ​(monthly Mortgage​ ​payments)​ ​immediately​ ​becomes​ ​a​ ​high​ ​valued​ ​asset​ ​which​ ​should​ ​be​ ​dealt with​ ​through​ ​your​ ​Will.

 

Sampson McPhee has prepared this publication to provide legal information of a general nature. It is not intended to provide legal advice. If you have any questions or concerns one of our lawyers will be happy to assist you. You can reach us by calling 902 539 2425.