Dying without a Will
If you are yet to have a Will, it’s time to put one in place.
Dying without a valid Will, especially if you have minor children, can make administration of your estate unduly complex and stressful for your family. Invariably, your spouse would find himself or herself constrained by the rigid laws governing distribution of estates.
If you leave minor children and a spouse, your minor children are entitled to about two-thirds of your net estate, and your spouse about one-third. Children’s shares must be held in trust by a professional trustee or two trustees jointly until each child reaches 18 years of age. Your spouse could be the trustee, but the Court would require written performance guarantees from two adults before approving his or her right to administer the estate. This can be an onerous situation and the trust arrangement may impact on the surviving spouse’s financial independence.
Our wills for simple affairs starts from $550 per person. Wills with testamentary trusts start from $1,100 per person. Our usual turnaround time to issue the first draft of Wills is one week. Feel free to contact us to obtain a Wills Instructions Form to start your estate planning process.
A quick reminder also that marriage and divorce automatically revokes a Will so if you got married or divorce recently, now is the time to write a new Will.