With a valid Will, you choose who will administer your estate and how your assets will be distributed after your death. You can also appoint a guardian for your children and create trusts for them and other individuals.
If you die without a valid Will, a complicated, costly, and time consuming court process results. This will be a significant burden on the loved ones you leave behind. The court will appoint someone to administer your estate. The court will also distribute your assets to your next of kin according to the formula in the Succession Law Reform Act. This distribution may be significantly different from what you would have liked.
If a mistake is made in your Will, the consequences can be both devastating and irreparable. This is because any mistake will be discovered only after your death. The opportunity to correct the mistake will be gone. The saying “do it right the first time” is especially true with Wills. Although lawyers can make Will drafting mistakes, such mistakes are rare and are covered by the lawyer’s professional liability insurance.