'Have You Heard the One About The Canadian Who Died Without a Will?'.

• Author: Hawkesworth, Kathy
• Position: Reprint

It is hard to overstate the advantages of having a good will. So, why don't more of us embrace "will power," even when we know story after story of families, business partners, and advisors having to clean up the mess when a person dies "intestate" (without a will)?

In a lighthearted twist on a serious topic, here are five excuses, together with my rebuttal, for you to share with colleagues and clients or consider in your own situation.

1. 'All I have is debts"

   With monthly bills, car loans, and mortgage payments, it is sometimes hard to appreciate that you do have an "estate" (your home, your vehicles, etc.) to distribute.

   You may have also overlooked the important "minor" reasons for having a will:

   * naming guardians for your children; and

   * setting up trust funds to manage the impact of money on young lives, so that they are not damaged by receiving money that is either too much or too soon, or too difficult to access by the parent or guardian who will care for them.

2. "I would have to visit a lawyer"

   Who should I call? What will it cost? Why can't I just use a will kit or write it myself? Each province has its own wills and succession laws. Do you know what law the kit was drafted for or how the courts have interpreted will wording in your province? Do you know the rules about how the will must be signed and witnessed? It is best to work with a lawyer who knows about wills and estates, and has practical experience with both the questions you have and the ones you haven't yet thought about

   To put the cost in perspective, look at what you pay in home and car insurance every year and then compare that to the cost of a will that protects so much more than your home and car; it protects your business, all your other property and, most importantly, your family.

3. "I haven't decided what to do yet"

   Actually, by not having a will, you're letting the government decide for you. Every province has its own rules about what happens when a person dies without a will--rules which may be quite different than you think. This is the largest financial transaction you will ever have, distributing all your hard-earned property to others. Your assumption of what is going to happen may be wrong. It will be so much better for you to choose what you want to happen. That is the beauty and power of a will. You are able to state your unique wishes and also name who you trust to make sure your wishes are followed. This person is sometimes called a personal...