Did you know that over 50% of Canadians do not have a will?* While some don’t know how to get started, others believe they can’t afford it.
Are you part of the 50% who don’t have a will? Having a will is an important part of your estate plan. Without a will, your assets would be distributed as per provincial intestate legislation. This process takes time, can increase costs, and will probably not match your wishes for your estate. If you have assets and want to give direction for the distribution of assets upon death, you need a will.
Get started now by working with your lawyer or asking your advisor for a recommendation for a lawyer they have worked with. It will be helpful to get a list of information the lawyer will request in order to gather what’s needed to create the will in advance of the meeting.
If you have concerns about the financial aspect of your estate distribution, your advisor can discuss an insurance solution that can help ensure your desires are met without negative financial consequences. For example, if you have a piece of property to give one child you may want to give your other child an equal share to make it equitable. An insurance solution may help depending on the circumstances.
By sharing a copy of your will with your advisor, they can help ensure all your financial documents align with your wishes.
Let’s talk soon to discuss more about having a current will and the importance of it. As always, please feel free to share this article with anyone you think would find it of interest.
*Source: Lawyers’ Professional Indemnity Company (LawPRO), May 2012
