Everyone should have a will, plain and simple. Without one, the Intestate Succession Act governs how the property of a person deceased in Nova Scotia is dealt with. However, with a properly drafted and executed Last Will and Testament, under the Wills Act, you can decide how you want your property to be distributed upon your passing. You choose your Executors/Trustees and instruct them how to deal with your real property, personal property, bank accounts, investments, etc., as well as how to deal with many other matters.

An important issue that should be dealt with is how children are to be taken care of. You may select a Guardian for your children in the event that both parents pass away. The Trustees can be given broad discretion as to how to use your estate to provide for the needs of the children until they have reached the age of majority, or whatever age at which you decide they should inherit your assets from your estate to use as they see fit.