Dying without a Will .... 12 Potential Problems!

Don't think you need a will?  

Take a minute to consider these 12 consequences of dying without one.

No Will!  Then you don't have an executor. This means potential delay, expense, frustration, and even loss while someone is appointed to act as an administrator of your estate.
 
No Will!  Then no one knows with any certainty who you would have selected as guardians for any minor children you may have. This means the Public Guardian (the government) may be involved in your children's personal lives.
 
No Will! Then no opportunity to provide for burial preferences. - A study by Leger Marketing found that 50% of Canadians do not have a will and 60% do not have any funeral arrangements. Burial preferences is a tough topic, so make it easy; outlining your preferences in your will may be the perfect solution.

No Will! Then your children may not receive the amount you wanted them to receive and there is no opportunity to provide a trust for them. This means that when they reach the age of majority they receive all of the funds whether this is what you wanted or not.
 
No Will! Then the Public Trustee is involved in the administration of your children's share if they are minors. This means the government will decide your children's financial future. Plus, the government will also take a portion of your estate as its fee.

No Will! Then, certain assets that you may have wanted to be kept for your family's security or for investment purposes may have to be sold. Make sure your estate is adequately funded with life insurance.

No Will! Then, in the event of a common disaster (such as your whole immediate family passing away), your estate may go to a relative that you may have never spoken to, or don't even like. A will would allow you to make provisions to create a legacy through charitable gifting.

No Will! Then your significant other may not receive anything from your estate upon your death!  Why? Because common law relationships or same sex relationships are not recognized under the Intestate Succession Act.

No Will! Then you are unable to take advantage of tax breaks and save money on lawyers and court costs following your death. It's amazing how little a will costs in comparison to how much legal fees can cost when there are problems with an estate.

No Will!  Do you want your estate to go to your grandchildren if their parents predecease you? Only a will can properly indicate what is to happen in the event a family member dies.
 
No Will!  Then a family business or heirloom may not be able to stay in your family, and it may be necessary to liquidate the assets. When there is something of significant value like a business, it is important to implement a business succession plan plus have a will to avoid potential conflicts.

No Will!  Then you are unable to exclude or include beneficiaries. You must depend upon the law and the government to decide the economic fate of your family and loved ones.