Why Making Your Will Is Crucial

Well-made wills are the best gift you can give your loved ones. I know this from my experience as a lawyer and author.

Why is that? Because if you don’t make a will, the government will make one for you. They will not allow for variations or reducing taxes. If you do not have a will, government rules decide who controls all your stuff. Their rules, not yours, decide who inherits and when. People with special needs or your favourite causes do not get any special treatment.

Find the time to invest in a professionally prepared will for your loved ones’ benefit. You can decide who controls your stuff, who benefits and when. Plus, you can deal with any special needs or make gifts to your favourite charities that count on your continued support. Read about the dangers of do-it-yourself wills in my post, Online Wills vs Lawyer-Prepared Wills: Which Should You Trust? Part 1 and Part 2.

Gifts to charity also give you charitable tax donation credits that can reduce your income taxes.

If you have a business or corporation, you need legal help to make wills and charitable gifts.

You can still be generous by gifting specific assets that allow you to name designated beneficiaries. These items include registered investments like RSPs, RIFs or tax-free savings accounts and some pension benefits.

You can designate a named beneficiary of all or a portion of these assets by signing a designated beneficiary form from your provider that you deliver to your financial institution. This form confirms you named a designated beneficiary.

Designating beneficiaries should be made on forms supplied by your financial institution. You can change your designated beneficiary at no cost to you. names designated assets are not controlled by your will and not subject to provincial estate taxes.

You will still receive a charitable tax donation credit when this designated amount is distributed to a charity. This credit can be used to reduce your income taxes and leave more for your loved ones.

Remember, only you can make your will and estate plan for your loved ones.

How to Get Started

Have questions about making a will? I can help. Contact me for a meeting. I have helped people for decades to solve their will and estate planning issues.

I can offer you a meeting to discuss your needs by Zoom or in-person in my Toronto west-end office. Arrange your no-obligation meeting to make a will.

I am certified by the Law Society of Ontario as a specialist in Estates and Trusts Law. My law office is in the west end of Toronto.