Amy M. MacAlpine, a Wills & Estates lawyer for Hummingbird Lawyers LLP, explained several reasons why creating a last will and testament can benefit yourself and your loved ones. Oftentimes, incorrect assumptions are made about how your assets will be looked after without a will, and with those assumptions come larger problems.
One assumption that people make is that their common law spouse will inherit a shared property. MacAlpine explains how that is incorrect, “Common law spouses do not have property rights and they will not inherit under the law.” She continued to note, “In fact, if the owner of the property passes away, then the estate would go to their closest living relative. It would completely bypass the common law spouse.”
MacAlpine explained that it is not only common law spouses that can be affected by the lack of a will, but also marriage partners and children. A common misconception is that your estate will be left to the spouse, or to the children. However, MacAlpine set it straight, “If you have children, your legally married spouse will not inherit everything,” she said. “Your spouse will only inherit the first $200,000 of your estate. The rest of your estate would be divided between your spouse and children.”
To truly answer the question, “Do I really need a will?” the answer should always be yes! Regardless of the size of your estate, or your own viewpoint on it, a will secures many aspects of your estate that are often overlooked. To make sure that your loved ones are taken care of, and that your estate is being divided how you want it: create a will.
Tragedy is always unexpected, and is often a massive hurdle in life. Laying the groundwork for your estate, and how it can be distributed, should never be questioned. It saves your loved ones trouble and stress during an already gloomy and often overwhelming experience.