Having an estate plan, which includes a properly drafted will, allows you to:
- select an executor to manage your estate affairs;
- control how your assets will be distributed after death;
- select a guardian for your minor children; and
- establish trusts for beneficiaries with disabilities or special needs.
If you die without a will, the provincial legislation will dictate how your assets are distributed. This legislative scheme may be at odds with your true wishes.
In addition to a well-drafted will, estate planning includes other tools such as a power of attorney and a representation agreement.