As the pandemic continues, many Canadians are finding themselves thinking about their own mortality. And what goes hand-in-hand with death? Wills.
Over 57% of Canadians do not have a will and millions have wills that need to be updated. So, what’s a will and why do you need one?
Your will (or last will and testament) is a legal document that outlines your wishes after you pass away. This includes how you want to distribute your assets, such as property or money, and also outlines guardians/custodians that you would want to care for minor children and pets after you die. Your will is also where you name who you’d like to settle your affairs on your behalf – known as an executor.
Here are 6 reasons why you need a will:
1. Prompt important conversations
A common excuse we hear from those without a will is “my family will know what to do if I die.” But this assumption can cause family friction during a highly emotional time. Writing a will and putting your decisions down in writing takes the burden off your loved ones to guess (and challenge) what your wishes would be.
2. Decide who will be in charge of closing your estate
This is your opportunity to choose the right person as your executor. You may have family and friends who love and care for you, but they may not be the right person to close your estate. It’s important to choose someone who you not only trust but someone who has the time, energy, and organizational skills to serve this role.
3. Ensure important relationships in your life are remembered
When you die without a will (known as dying intestate), provincial laws will decide how your estate is distributed and it may not be how you would’ve arranged it. Common-law partners and other dependents you wish to provide for are vulnerable if you die without a will.
4. Have an emergency plan in place for your minor children and dependents (and pets!)
No one wants to think of a tragic event that could leave your child or children without their parents. Your will tells your loved ones and the courts who you’ve entrusted to provide care and support for your child or children.
5. Decide how your estate will be distributed
Your will lets you determine how you’d like to divide your estate and gives you a place to allocate special gifts or items with monetary or sentimental value, such as books, art, and jewelry. Help your loved ones navigate who gets what and minimize the chances of arguments that may arise when wishes aren’t made clear.
Now that you know why you need a will, you can easily make your will from a few options.
Canadian law does not require you to create your will with a lawyer or notary. A lawyer can assist if you need legal advice, but many people have simple and straightforward estates that do not require legal advice. For simple estates, you can use a will kit or an online platform that can guide you through the process to customize your legal documents to fit your needs and wishes.
How you choose to make your will is a very personal decision based on your life situation and needs. Estate planning and talking about death can feel scary and overwhelming sometimes. But life is unpredictable. Having a will can help you prepare for the unexpected and protect your loved ones from chaos and complications.
Get started today at: willful.co
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