Actor Dennis Hopper passed away recently. While Hopper is well known for his many on-screen roles, in the last months of his life he made headlines over the public spat with his wife regarding his Will. That battle will likely continue for some time, and it's anyone's guess how it will turn out.

Whether in the tabloids or in our own lives, we've all heard about the nightmarish situations that arise when a Will is outdated, inaccurate or non-existent. Most people don't want that as their lasting legacy, so by taking the necessary steps to ensure your wealth - large or small - is left in the right hands you can be sure you're loved ones will be cared for.

Cowan Financial Solutions recently wrote a newsletter article about Wills, called: Why You Need a Will. What I found particularly interesting is what happens when you don't have a Will.

Did you know:

• In Ontario, if you die and are survived by a spouse but no children or grandchildren, only then will your surviving spouse be entitled to your entire estate. But a common-law spouse must be named as a beneficiary in your will to inherit any part of your property.
• In cases where a person is survived by a spouse and children, a "preferential share" of $200,000 will be given to the spouse and the remainder of the estate gets divided equally amongst the children.
• If you have no immediate family members, your estate would be distributed to your parents, failing which it would be equally distributed amongst your siblings.
• In the rare event that no heirs or next of kin can be identified, the estate will "escheat to the Crown," which means the government will be entitled to it all.

It's interesting to note that the same kind of issues can arise when a business don't plan for succession. Wills, financial tools like insurance, and a documented succession plan are all part of how this can be managed.

Wills also need to be updated when there has been a major life event. And some major events can even cause a Will to be revoked, such as marriage (the same does not apply to divorce).

The full newsletter article includes many great tips about who can help with a Will, how to pick an executor, and specific life-changing events that may necessitate an update to your Will.

To read the full article, please click here: Planning Corner: Why You Need a Will