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We provide wills services to our clients every day, and while each client and each will is different, there are usually two types of people:
1. Those who want to leave everything to their spouse or partner and
2. Those who want to leave everything for their children
Of course, different people may choose to pass on their inheritance to charities, organizations, or other individuals. We are speaking generally.
I'm Leaving Everything to My Spouse or Partner
This is the most common way that Wills are planned, and this is a good idea if you are on your first marriage or common-law partnership, especially if you have young children. If your children are young, and something happens to you, your spouse will likely have the sole responsibility of parenting your children, and your spouse will remain a life partner in a very real sense! There are always exceptions, but in most cases, a spouse should be prioritized.
Further, if your spouse inherits from you, they are likely to leave their estate to your children.
I'm Leaving Everything to My Children
If you are divorced or separated from your spouse or partner, or if your spouse or partner has already died, you may wish to consider leaving everything to your children. "Children," in some cases, may even include stepchildren. If a child has died before you, but that child had children of their own, then you may consider giving that share to your grandchild.
Second Marriage or Partnerships
In a second marriage involving children from a previous relationship, a common thing to do is to leave something for your spouse or partner as well as something for your children. These may not necessarily be equal distributions. If you have spent a lot of time in a relationship with your current spouse or partner that spans several decades, you may wish to leave the bulk of your estate to your partner. On the other hand, if the second relationship occurs later in life, you may consider it appropriate to give your children a larger share.
If you are in a marriage or a common-law relationship, you may also wish to consider what should happen if your spouse or partner and children have all died before you or at the same time as you, say, in a house for or a car accident. This sort of provision is sometimes morbidly called a "wipe-out clause." Typical wipe-out clauses have half of your estate going to your side of the family and the other half going to your partner's side of the family. Let Bastion Estate Law know if you would like to incorporate a wipe-out clause into your Calgary Wills services.
As you can see, Bastion Estate Law provides comprehensive Calgary wills services. Contact us today to begin planning for the inevitable.