The bulk of my estate would consist of my life insurance policies which list my son as beneficiary and my father as trustee. Is it necessary to have a will to reiterate that my son gets everything?
Insurance and RRSPs that state a beneficiary (other than “estate”) are not part of your estate as it relates to wills. They get paid out to the beneficiary named in the policy. Your will should indicate the disposition of your other possessions.
That looks after the real money then. As for the rest, if I die intestate would all of my posessions go to my son anyway making a will redundant?
IANAL, etc. Legal advice from a message board is worth what you pay for it. Questions of this nature should be posed to a lawyer licensed in your jurisdiction with an expertise in estate planning.
That all being said, in the US IIRC every state has an intestacy statute, which creates a legal framework for disposing of property in the absence of a will. The statute specifies legal next of kin, how to dispose of property in the event of multiple next-of-kin (e.g. percentages that go to each of multiple children) and so on. Canadian provinces probably have something similar.
Simple wills can be done in a very short period of time and at little cost. Many attorneys in the United States offer a free initial consultation. I’m sure you could find a lawyer in your city who would do the same, and if a will is necessary to draw it up for you in a relatively short amount of time.
IANAL, but I believe the state will appoint an executor who will be paid a fee to close the estate. This can be avoided probably if you name an executor in your will who would not require a fee. Also if you son is not of legal age, you should consider appointing a guardian.
OldGuy has the best reason in one. Almost everyone knows somebody who would deal with his/her estate without collecting the statutory fee. Also, intestate statutes specify who gets what percentage of an account. If you leave no wife and one child, no real problem – but it may be that you don’t want heirloom possessions sold and the proceeds paid to or put in trust for him. There are a lot of good reasons for writing a will, and most libraries have simple guides to what constitutes a legal will for your state if you are too cheap to hire a lawyer.
I think it’s **always ** best to have a will. Solicitors here will draw up a simple will for about $100. The Public Trustee’s office will do it cheaply too. I’m sure there must be similar types of arrangements available in your province.
It isn’t a cost issue with me, in fact my legal plan at work will cover the cost. I hadn’t thought of additional administrative costs that would be incurred in the absence of a will. Thanks for the advice everyone.
Then just have a lawyer with your legal plan at work write a will “I give my entire estate to my son”.
The OP’s in Canada, so I’m even more clueless than usual. Accordingly, don’t even think of relying on this as legal advice. That said, is your son a minor? If so, you need to consider guardianship issues in your will. Also, if Canada or your province has an estate tax, you need to consider that. Hell, there could be some special Canadian law governing who gets the heirloom Leafs tickets, or the toques, or something. Point is, no one on this board knows enough to advise you. Talk to Canadian attorney.