It’s okay; you’re not alone. If you’re sitting there thinking I haven’t written my will or edited it in the past 10 years, you’re part of the club. Findings from a recent CIBC poll found that nearly half of respondents hadn’t even created a will.
While you’re not alone, this needs to change! As an individual, it’s important to be prepared and as a family member it’s important to help older members of your family to prepare. If it feels taboo, or premature, or unnatural, think about it this way – wills are put into place to ensure that your accomplishments are left to the people that matter the most in your life, your loved ones. You might even think you’re too young or don’t have enough assets to create a will.
If you don’t prepare, your will will be left with a government appointed representative. How sad would that be? For you, and your loved ones. Preparing your will will avoid battles of all kinds, wasted emotions and or wasted money. The same thing goes for keeping an updated will. If you have a will and it doesn’t reflect your current life circumstances or it doesn’t reflect how you wish to see your estate disposed of, it needs updating.
A will is the most basic element of an estate plan. No matter your life stage, whether you’re a boomer or retired, an estate plan is always recommended if you have any assets at all, and is essential if you plan to take care of any dependants, such as kids, elderly parents or others. If you die “intestate”, meaning without a will, your estate will be administered in accordance with provincial law. Essentially, crucial aspects of your estate will be dealt with based on what was decided by the government.
If you would like I can discuss the process with you and recommend some great estate lawyers to prepare or review your will. I hope you will be in touch soon.