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.