11 Jul Dying without a will can cost your dear ones dearly
When it comes to your estate, failing to prepare a Will may save you legal fees in the short term, but could cost your family later. Dying without a valid Will is called “dying intestate,” and it’s rife with problems.
I’m always amazed at the number of people who have failed to prepare a proper Will. And I’m talking about intelligent and responsible people. With all the drawbacks of dying intestate, you’d figure these folks would have looked after this critical area of their planning. There are five key drawbacks to dying intestate:
- Provincial laws dictate who gets what. Each province has its own intestacy laws which will distribute your estate in the manner the government sees fit. And I can tell you, your spouse doesn’t automatically get it all if you have any children.
- You’ll pay more tax when you die. The easiest and most common way to defer tax on death is to leave all your assets to your spouse. Yet, dying intestate won’t allow for this. The result? Taxes owing that might not otherwise have been paid.
To continue reading the remaining 3 key drawbacks of dying intestate in this article by Dynamic Funds, CLICK HERE. Please contact Harry or David with any questions.