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KMB Law: What You Need to Knowing your family and loved ones are taken care of after you pass away is important and the easiest way to ensure this is through a proper, legal will. Simply stated, it enables your wishes to be carried out as specified. With a document this important, there’s key information to know about wills, which will be outlined here. What exactly is a Will? It’s a written legal document that allows you to direct how your property is to be distributed after your death. It’s also a great tool to provide for the welfare of your family and ensure your property is managed in accordance with your wishes in a tax-efficient and costeffective manner.
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Can anyone create their own valid Will? Unfortunately, no. The person writing the Will, called the testator, must be at least 18, and must have the appropriate legal capacity.
What if an individual did not have a Will at the time of their death? What happens is called intestacy. If you die intestate, your estate is distributed in accordance with the Succession Law Reform Act (SLRA). The SLRA states that after debts and taxes are paid, the preferential share, currently $350,000, is paid to the deceased’s spouse and the remainder is divided among the spouse and any children according to a set of specific rules. If there’s no spouse and children, the estate is divided among living blood relatives in a prescribed manner. If there are no surviving blood relatives, the government receives your estate.