If you have young children who would care for them if both you and your spouse were to die in an accident? If guardianship proceedings are required the risk exists that the appointment may be disputed by one side of the family or the other and the guardians may not get along. With a will you have the opportunity to identify who will care for your children and how your assets will best be used for their benefit.

You need a will to control how your assets will be divided and distributed. If you die without a will a statute determines how your assets are to be distributed and this may not be what you wish.

You need a will if any of your assets are to be left to a person under 18 years of age in Ontario, an individual under a disability, or an individual for whom you want to confer some benefit but do not wish to turn over control. There are many circumstances in which it is preferable not to pass ownership of property or other assets to a person outright. In these circumstances, a trust will allow you to name someone to act in your place as trustee for the person you wish to benefit, called the beneficiary.

You need a will if you have tax planning objectives. You have worked hard to accumulate the assets you now enjoy. On your death income taxes and probate fees may be payable.

The bite taken by the government may be substantial. Proper estate planning can minimize the amount of taxes and probate fees