Creating a will is on everyone’s to-do list – and likely gets put off more than anything else. We know we should create one, but talking about death is never comfortable. If you die without a will, your assets are disposed of according to provincial interstate laws.This essentially means a huge headache for your family, loss of assets and added court and tax costs. Your family will be going through enough already. Take a burden off them by taking the time to create a will.
This is what you should know about creating a will:
- Start young, or as soon as you begin to accumulate net worth.
- Use a lawyer to create a will that grows with you – an off-the-shelf variety can’t do that.
- A will must include the appointment of an executor to implement your will; choose someone who is capable of carrying out the duties required and be sure to ask their permission before using their name. Chose an alternate as well in case the first is not able to act on your behalf. Avoid obvious conflicts of interest, and if you want your executor to be paid for their time, clearly state that in your will.
- Your will also includes the appointment of legal guardianship of your children. This is a huge decision so take the time to talk it over with those involved.
- The other major part of your will is a listing of assets and disbursements – you can specify who you would like to receive money and valuables such as jewellery or a special collection.
- Most wills also include a power of attorney – someone to make financial and health decisions on your behalf if you are unable to while you are alive.
- You should review your will every three to five years or as laws or your personal circumstances change.
Your will and disbursements are always subject to provincial law. Major changes in your life, such as marriage and divorce, can impact the validity of your will, which is why it is so important to keep it up to date.
While your financial planner or Libro Coach won’t be involved in the legal aspects of your will, they can advise you on the financial aspects. Having a will and planning your estate are important parts of a well thought out financial future. Stop procrastinating and check ‘create will’ off your to-do list this winter!