Your Will - A Personal Reflection Of Your Life

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 by: News Canada

(NC)-Every person is unique, however, people have common needs - air,

water, food, shelter, love, a sense of accomplishment.
Beyond these, we are also concerned about our current financial needs,
our futures and our family's well-being. Our day to day living is
stressful enough and preparing a Will is not a subject most people talk
about easily. The topic is usually ignored. Unfortunately, that is what
almost half of Canadians do. Even among people who have already made
Wills, most have not had their Will professionally reviewed every five
years as recommended to keep pace with family, tax and legal changes.

What is a Will?

A Will is a written document, properly dated, signed and
witnessed, in which you detail how the things that you own and your
money are to be distributed after your death.

Why Is Estate Planning So Important?

Dying without a proper Will (or one that is out of date)
risks needless taxation, legal challenges, delays, and family upset at
an extremely stressful time. And your property may not be distributed
as you intended. The only way to ensure that the things that you have
worked hard all your life to have, will be passed on in a timely,
tax-effective manner, according to your wishes, is to have a valid,
up-to-date Will.

Without a written Will:

• If you die 'intestate', that is without a Will, you will
  allow the province in which you lived to decide the distribution of
  your estate.
  

• Your lifetime earnings could easily be depleted by taxes and unnecessary administration costs.
  

• The settlement process will be drawn out and your family may undergo financial hardship.
  

• You can not express your choice of a guardian for your young children.
  

• Nor will you have a choice of Executors, the
  individual or institution who will act on your behalf and carry out
  your final wishes. Without a Will the courts will appoint an
  administrator, who may not be the individual of your choice.
  

• There can be no donations or gifts to your favourite organizations.
  

• If you have no or next of kin, the province will take your estate into its own treasury.
  

A properly drafted Will is the only way to make a statement
on your values and provide an orderly and timely plan for the
settlement of your life.

Your Will is not a "Do-it-Yourself" project. As the laws
are ever changing, we strongly urge you seek professional advice. This
will ensure your personal situation is considered in the context of
your province's estate and trust laws.

If you do not have a Will, or if your Will has not been
updated recently, perhaps it is time to meet with a lawyer and get the
job done. Take the first step; call Ontario March of Dimes toll-free at
1-800-263-3463 x 383 for a free copy of My Personal Organizer - a handy
estate planning tool.

About the Author

News Canada provides a wide selection of current, ready-to-use copyright free news stories and ideas for Television, Print, Radio, and the Web.

News Canada is a niche service in public relations, offering access to print, radio, television, and now the Internet media, with ready-to-use, editorial "fill" items. Monitoring and analysis are two more of our primary services. The service supplies access to the national media for marketers in the private, the public, and the not-for-profit sectors. Your corporate and product news, consumer tips and information are packaged in a variety of ready-to-use formats and are made available to every Canadian media organization including weekly and daily newspapers, cable and commercial television stations, radio stations, as well as the Web sites Canadians visit most often. Visit News Canada and learn more about the NC services.

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