When I speak with younger adults and explain what we do here at Hull & Hull, one recurring comment I hear is that they don’t feel the need to have a will because they don’t have any dependants or significant assets.

In honour of OBA Make A Will Month, here are five reasons why you still may want a will even if you don’t feel you really need one.

1. Make Things Easy On Your Family

Although some people out there may wish to enact one last bit of revenge onto their family from beyond the grave, others may feel better knowing that their death will not cause unnecessary stress on their loved ones.

If you have limited assets and die with a will, this may not require probate at all. The estate administration process will therefore be much easier for your next of kin who takes the task on.

However, if you die without a will, this may require your family members to obtain a Certificate of Appointment of Estate Trustee Without A Will in order to simply access funds for the funeral. This is a process that may all be avoided by simply having a will.

2. Have A Say In Where Your Assets Go

When you die without a will, your estate is administered in accordance with Part II of the Succession Law Reform Act. This is a piece of legislation that defines who is entitled to apply to be your estate administrator and in what order your remaining assets will be delivered.

Even if you don’t have significant assets, you may wish to benefit a close friend rather than your second cousin. Having a will allows you to set out exactly where your possessions and assets go.

3. Consider Your Furry Friend

If you don’t have any human dependants, you may have a pet in your life that you would want to see cared for after your death. In a will, you can setup a pet care trust. This allows you to choose an individual or organization to care for your pet, and provide them with the funds to provide for Mr. Whiskers after you are gone.

4. Leave A Legacy

For those without dependants or close family, a will also allows you to leave your assets to a charitable organization of your choice. You could choose to setup a scholarship in your name, or simply donate for the general use of an organization. This will also allow the estate to realize tax advantages if you have left assets to other individuals.

5. Set Out Your Burial Wishes

Although burial and final resting instructions in a will are not legally binding, a will provides you with an opportunity to voice how you will be remembered and how you wish your body to be handled after your death.

Thanks for reading. Mark Lahn