Where There's a Will, There's a Way
/By Brittany Fish, Barrister, Solicitor & Notary Public
As a new lawyer, I decided what a better way to begin my career then to open my own practice in the community of Orleans. A beautiful area to live and a lot of young families. A great place for a young professional to launch a new career.
When deciding what area of law to offer my clients, it was surprisingly an easy decision. From the moment I became a lawyer I had emails and phone calls from friends and family asking to prepare their Wills. I knew from there, Wills it is.
I am amazed by the amount of parents who feel they do not need a Will because they believe they have very little or no assets. Others put getting a Will off for another day, they seem to think I can get it done tomorrow.
You may not have an abundance of assets or own property, but if you have children they are one of the biggest reasons not to wait to get a Will done. If anything were to happen to you and/or your partner, you need to have a plan for your children, since you likely consider them your most important asset to protect.
Information regarding parents and the necessity of Wills is not discussed enough. Unfortunately, because of this parents are unaware of the consequences of not having a properly drafted Will to no fault of their own.
In short, here are the top three reasons to prepare a Will as a parent.
No Will equals no guardian
A guardian is someone you appoint in your Will to look after your children should something happen to you. When a lawyer drafts your Will we assure the individual you want to look after your children is properly identified. Your wishes in regard to how your children are raised can also be included. If you do not have a Will the courts decide who becomes the guardian of your kids. Unfortunately, it may not be the person you would have chosen. Having a Will grants you this decision.
Happy 18th Birthday!
If you prepare a Will, you decide what age your children will receive their inheritance. I am not sure about you, but I know when I was eighteen it is quite possible I would have fainted if someone handed me thousands of dollars. I would have proceeded to purchase a car that even now I couldn’t afford. If you die without a Will the law states your child will receive his/her inheritance at eighteen. You should decide what age is appropriate.
Where there’s a Will, there’s a way……...to distribute!
The law limits what a guardian can accept in terms of money when you die without a Will. When you create a Will a lawyer sits with you and listens to your wishes and concerns. We can draft a Will so that the distribution of your estate is done in a way you desire. You can decide how much your child receives up until his/her age of inheritance. This means, you can allocate money to the guardian for school and child rearing costs. You may also decide on compensation for the guardian of your children.
There you have it, three of the most important reasons to prepare a Will if you are a parent. Preparing for the unexpected is not exactly a topic of conversation parents or anyone in general want to discuss. But the reality is, waiting until tomorrow may be too late. Every parent needs a Will.
If you have questions regarding the preparation of Wills, please email me at bfish@bflegalservices.com. If you would like to know more about Wills, please feel free to “LIKE” your lawyer at facebook.com/bfishlaw.
