It is said that that there are only two things that are certain in life: death and taxes. You can do a lot of pre-planning to lessen the amount of tax you pay and, while you cannot avoid death, there are things that you can do to lessen the burden to your family and friends when your time comes. In my opinion, item number one on that list would be to have a properly prepared will. There are a number of reasons why I believe having a properly prepared will is important; among those reasons:

1. First and foremost, you get to make the decision on who will inherit your estate. While it is true that if you were to die without a will there are laws that set out who will inherit your estate, they don’t necessarily reflect the common wishes of many individuals. As an example, many spouses want their spouse to inherit everything upon their death, deferring any inheritance to children until the second spouse passes. However, in Saskatchewan, upon the death of a spouse without a will, a surviving spouse would receive the first $100,000 of the estate, and would then split the remainder with the deceased spouse’s children.
2. Second, you get to set out who will be the Executor of your estate. Again, if you die without a will, this would be determined by provincial laws. If you have a spouse, it is relatively straightforward: your spouse would usually be the “Administrator” (not the “Executor”, who must be named in a will). However, if you have no spouse, and your estate has multiple beneficiaries, they will have to work out among themselves who will be appointed. This can be difficult in families where not everyone sees eye to eye.
3. Third, you can speed up the probate process. The process of choosing an Administrator can slow down the process, since all potential administrators must sign documents renouncing the role and approving the chosen person; not having a will can also slow down the information gathering process. When one applies for Probate (or Administration where there is no will), they must provide the Court with a listing of all the assets of the deceased at the time of death. This means the Executor/Administrator has to obtain financial information from all the institutions where the deceased had accounts. Banks and other financial institutions are usually agreeable to releasing information to a named Executor who produces a copy of the will appointing them, but it can be much more difficult to get that information when one has no official document to present to the bank.
4. Fourth, you can save your estate money. Not only can the process of having an Administrator chosen and confirmed result in added costs, but the application process can end up being more expensive as well. In Saskatchewan, a person applying for Administration is required to post a bond unless all the potential beneficiaries and creditors consent to the application without bond. If you have any debt, and any of your creditors do not consent, your Administrator will have to purchase a surety bond for the full value of your estate, likely at a cost of thousands of dollars, payable from your estate.

These are among the top reasons that come to mind as to why you should have a properly prepared will, but this is by no means a complete list. For further information please contact one of our estate planning lawyers.

About the Author: Ryan is an associate in the Regina office where he practices residential and commercial real estate transactions, and wills and estate planning.

About McKercher LLP: McKercher LLP is one of Saskatchewan’s oldest and largest law firms with offices in Saskatoon and Regina. Our deep roots and client-first philosophy have made our firm rank in the top 5 in Saskatchewan by Canadian Lawyer magazine (2017). Integrity, experience and capacity provide innovative solutions for our clients’ diverse legal issues and complex business transactions. This post is for information purposes only and should not be taken as legal opinions on any specific facts or circumstances.  Counsel should be consulted concerning your own situation and any specific legal questions you may have.