Estate Planning Mythbusters

MYTH – If I’m not wealthy, I don’t need a Will.

If you have a loved one with a disability for whom you provide support, having a will, including a Henson Trust, can help prevent an interruption in ODSP benefits for your loved one on your death, and help you ensure that your loved one’s needs are met if you pass away.

If you have minor children, you definitely need a Will so that you can name a guardian to take charge of them on your passing. If you don’t, then the child welfare authorities may step in, and guardianship litigation may be required.

Even if your assets are not extensive in terms of dollar value, some of them may have great sentimental value. Not having a Will means you miss the opportunity to give these items to someone who would treasure them.

Finally, if you pass away without a Will, it can be more difficult and more expensive to settle your estate. As your loved ones cope with your loss, they will appreciate it if you’ve left things in order.

To learn more about wills, estate planning, trusts for minors and Henson Trusts visit our Learn page or contact our estate planning team.