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Legacy, a gift of personal property by will, which is inherited; a title or property or estate that passes by law to the heir on the death of the owner.

Don’t have a Will?

If you don’t have a Will, your wishes may not be followed, even if they are known. Instead, your estate is distributed according to provincial law.

This could mean:

  • the distribution of your assets to your heirs may be slower and more expensive
  • your estate’s value may be reduced due to higher taxes
  • your spouse may receive less than you had planned
  • your children may obtain their share upon reaching the age of majority, whether or not they are able to handle the responsibility
  • family heirloom may be sold, rather than passed on to succeeding generations
  • the court will appoint someone you may not otherwise have chosen to administer your estate.

What is the benefit of having a will?

A properly drafted Will is at the foundation of a financial plan.

Having a valid Will means:

  • ensuring your family will have its future needs met
  • your assets will be distributed according to your wishes
  • the value of your estate will not be eroded unnecessarily through costly court and estate administration fees.

A Will, along with debt reduction, an emergency fund, disability insurance, life insurance and regular savings, provides a solid foundation on which to build your financial plan – protecting your family now and well into the future.

Keeping the Family Cottage in the Family

Planning to pass on their cottage to your kids, you may not realize the potential “tax bomb” that waits. Recently, cottages have increased significantly in value and 50% of this increase could be taxable at death. If not planned for, your estate may be forced to sell the cottage simply to pay the tax.