Do you have a Last Will and Testament?

Currently, I’ve been taking additional tax courses. One of them is about Deceased and Trust Returns. In this course, I suddenly realized how important for one to have a Will, and an updated Will for that matter. It doesn’t matter if you only have a few thousand dollars in your bank account or you have multi-million dollar corporation. The important thing is who gets what if and when you die. Do you just want it to go to just anybody? Or do you want your family to fight over who gets what?

Even if you think you have nothing to put in the Will, but have young children, you would want to make sure that your children will not go to a foster home. You would want to make sure that your children will be looked after by someone you can trust. For this purpose alone, a Will is very important.

Case #1
A is married to B. They had a Will. They got divorce. A married C and lived a very happy life with his new family. A died without leaving a new Will to supersede the first Will. Guess what? Everything went to B! C can’t even fight it in court.

Case #2
A is married to B. They didn’t have a Will. They separated without filing for divorce. A and C becomes common-law partner [no Will]. They never filed their tax return as common-law either. A dies. Guess what? B gets everything! Because in the eyes of the law, B is the legal wife and C doesn’t exist at all.

So filing as common-law may not benefit you at present [especially if you are both working full-time], but you should, and if you did, C might have a case here.

Case #3
A and B are married and have children. They don’t have a Will. A dies. B gets everything. Later on, B married C. They don’t have a Will. B dies. Guess what? Everything went to C and his children. None of the children of A and B got a single penny. Is that fair? I know that wasn’t the intention of B, but without a Will, her children with A gets nothing.

A death in a family may cause reunion and forgiveness OR it may drive a family apart! Money is the root of all evil. Never ever forget that!

11 comments:

Rob said...

Thanks for sharing this bit of information.

pao said...

thanks for the info. i should remember to write my will so nobody fights over my fluffy siamese kitty cat. :)

but seriously, parang unfair minsan ano? yung nagiging outcome ng pag-apply ng law. kaya lang ganon talaga. the best thing to do is to write a will.

earthlingorgeous said...

Wow! I never thought of making a last will really but now for all the info you gave I think I should make one specially my child is special.

Buti nalang nung namatay ang dad ko di kami ngakagulo magkakapatid. But I agree money is the root of all evil.

Earth

Heart of Rachel said...

I never thought of making a will. Thanks for sharing this post. You're right, it's a wise decision to have one.

evi said...

this is the first thing my aunt asked us to do when we got here.

Diana - FreeStyleMama said...

We have a will, but we haven't updated it since we adopted our 3rd. The only thing we would change is getting her name added.

JO said...

Hi Rob,
You're welcome!

Hi Pao,
Yes, it seems unfair. So better make sure you and your family all have a Will in place.

Hi Earth,
Yes, do it for your child.

Hi Rach,
It is never too early to make one... life is too short.

Hi Evi,
Good for you!

Hi Diana,
Better update that Will of yours.

tanivillamora said...

I don't have a will. I'll get one soon. Thanks for the eyeopener.

JO said...

Hi Tani,
You're welcome! My class was an eyeopener for me too.

Junnie said...

We have a will JO. It is now in the vault in TD Canada. It specifies that we dont have money to give to anyone, but just in case we do when we die, it divides itself to our estate and family.

simple lang sya. $ 99 nga lang. Pwede pala na libre. :)

JO said...

Hi Junnie,
Hehehe... that's good. Kami nga walang safety deposit box pa. I should really prioritize getting one.