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What is a Will?
A will is a legal document by which you specify how your property is to be distributed after your death. It is a very important document that will ensure the well-being and financial security of your loved ones after you have departed this life. Everyone should have a will.
Listed below are some of the advantages of a carefully drafted will:
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It provides financial security for your family and others.
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It divides your estate according to your wishes instead of the standard way prescribed by the government for those dying without a will.
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It allows you to make a meaningful gift to your local church or other Alliance ministry in which you have an enduring interest.
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It can minimize taxes that are often inordinately high in the year of death due to deemed disposition.
A will is the best way to provide an orderly and timely plan for the settlement of your affairs.
What Happens if You Die Intestate?
To die intestate means that you do not have a legal will at the time of your death. You then, by default, are allowing the province to decide how your estate will be distributed. Your failure to plan has some serious consequences for your loved ones:
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 The government will charge high administrative fees to administer your estate. -
It will likely take longer for the estate to be settled, which can cause hardship for your family.
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You will have forfeited making a choice of who will be the guardians of minor children; the provincial government will decide for you.
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If you own a business, it may be at risk because you have not left instructions on how your business interests are to be dealt with.
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Your church, missions or other ministries will not receive a share of the estate. |
