1. You decide who will receive your property and assets, otherwise legislative provisions will apply.
2. You choose who will be your Executor and administer your estate.
3. You indicate your funeral and disposition wishes.
4. If you have children who are minors (under 19), you decide who will look after them and ensure they receive their inheritance in the way and at the time that you feel is appropriate.
5. You help alleviate any stress and angst that family and friends, who have suffered your loss, may be experiencing and possibly reduce taxes that would have to be paid as a result of your death.
A Will sets out the persons who will assume control of your estate on death and the manner and scheme of distributions and gifts that you wish to make. If it is properly drafted, it will ensure that your beneficiaries receive their distributions while minimizing potential costs to the estate.
We also recommend that you change your Will if there is a significant change in your life, such as a birth, death, divorce or new marriage.