Just A Minute - Podcast Episode 10: The Importance of Wills

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[00:10] Welcome to a new episode of “Just A Minute” by Landmark Law. Today’s episode is presented to you by Abi on January 13th. 2023 to help educate our listeners on various legal scenarios.

[00:20] BELL CHIME

[00:21] Today’s topic will be on the importance of having a Will. Every adult should have a Will. Surprisingly, more than half of adults in Ontario do not have one.

[00:31] Having a will is important as it ensures that your wishes are respected, and avails your loved ones and beneficiaries with more of your possessions and estate by saving them money, time, and effort.

[00:40] By not having a will, you lose the freedom to decide on the guardian of your young children, the executor or trustee to handle your possessions and estate, who gets how much of your estate and when, and tax and estate planning mechanism to avail more estate for your beneficiaries.

[00:56] You lose the freedom to decide on these key matters and the government's statute decides for you. Often what the government's statute dictates is not what you would have wanted or necessarily best for your estate and loved ones.

[01:11] By not having a will, additional court procedures, fees, taxes and unnecessary delays to your estate and family will apply.

[01:19] If you are interested in drafting your Will, please visit Landmarklaw.ca to learn more, and make sure to tune in for next week’s episode on recommended times to draft your Will.