Mix 97 Morning Show c0-host Orlena Cain visited KDM law to get some background on wills and details on how you go about making one. KDM law can provide one for as low as $200 if you have simple details.
Make and update your will. A will is a legal document that says how you want your estate to be divided once you die. Your estate includes what you own (called assets) and what you owe (called liabilities). An up-to-date will can help your estate representative deal with your estate when you die.
Why Do I Need a Will?
It’s hard to think about death when you’re young and healthy. “But car accidents and sickness happen to young people too,” … (Continental Atlantic). Without a legal will, your loved ones are going to have to deal with trying to figure out what you’d have wanted. Even worse, the law may take that decision out of their hands. If you don’t write a will, for example, the law in the province or territory where you live can decide how to split up your assets. A common-law spouse may get nothing. And, in British Columbia, your legal spouse gets the first $65,000 (in Ontario it’s $200,000) if you die without a will. The remainder of the estate is split equally with your legal spouse and the children when they reach the age of majority where you live.