Where There’s a Will, There’s a Way
November is Make a Will Month in Ontario, but you don’t need to live in Ontario, to be reminded to make a will. If you have the will to create one – we’ll show you the way to make it happen.
A will represents so much more than a legal document. It’s your expression of caring and outlines your intent to protect the ones you love.
Our goal is to inspire you to act now to make a will.
Here’s 3 important reasons why you need to prioritize this task.
You’ve likely heard all this before and know it’s important, but perhaps if you consider the impact your inaction could have on your loved ones, you might start on this task right away.
Only put off until tomorrow what you are willing to die having left undone.
Why Making a Will is Urgent
1. Protect Your Children’s Future with a Guardian
None of us are invincible. Life can throw us curveballs. While we all hope for long, fulfilling lives, planning for your children’s future is critical in case the unexpected happens.
Without a will designating a guardian for your minor children, their future is unclear—jeopardizing the education, love, and values you envisioned for them. In addition to grieving your loss, the fear about their future could leave them with lasting emotional scars.
2. Ensure Your Assets Go Where You Want Them To
Did you know that if you die without a will, your assets might not automatically go to your spouse? Without proper planning for ownership of your home, bank accounts, and investments, your assets become part of your estate, and the government decides how they’re distributed.
See government distribution rules by province when someone dies without a will on the Willful. Blog here: “Intestacy – Dying Without a Will in Canada.”
Creating a will ensures your assets go where you want them to. If distributed as intended, they can help your children buy a house or start a business, secure your grandchildren’s education, and enable your spouse and kids to maintain a comfortable life.
You leave a legacy of love letting them know you cared enough to ensure their financial security and potentially the fulfillment of their dreams.
3. Protect Your Estate from Unnecessary Taxes
At the time of your death, your assets are treated as if they’ve been sold, which can trigger capital gains tax on investments. Additionally, any assets that pass through your estate may be subject to probate fees (estate administration tax). Read our blog “Probate by Design“.
By carefully planning your will and structuring your assets with foresight, you can preserve more for those you care about. Planning can help reduce or eliminate estate administration taxes and lower the final tax bill owed to the government.
After a lifetime of paying taxes, why pay more to the government than necessary, when those funds could benefit your loved ones or a charity close to your heart?
If you do not have a Will or plan for your estate, then the government has one for you.
You might be surprised to learn that you’re not the only one procrastinating about making a will.
You're Not Alone - Over 50% of Canadians Don’t Have a Will
Why is this? According to the Angus Reid Institute, key reasons are they:
- Believe their asset level is too small
- Are too overwhelmed to talk about death
- Think the cost to make a will is too high
- Don’t know who to appoint as executor
However, these reasons don’t have to be obstacles to making a will. Let’s explore each reason further:
I Don’t Have Enough Assets to Require a Will – Any asset you worked hard to acquire is valuable, regardless of the amount. Why let the government dictate who will receive them? A will makes sure assets and belongings valuable to you, are given to those you know would value them too.
I’m too Overwhelmed or Uncomfortable Talking About Death – It’s natural not to want to talk about death – especially your own – but showing you care enough by legally documenting your wishes in a will is the best gift you can give to your family. Imagine the stress and vulnerability your family could face watching the government take control of how your estate is divided.
Making a Will is Too Expensive – Consider comparing the cost to create a will to the financial and emotional cost to your loved ones of dying without one. Read our blog “Penny Wise, Pound Foolish – The High Cost of Avoiding Estate Planning”.
For those who can’t afford a lawyer-drafted will, online will services can be a viable option. While it’s better to have a will rather than none at all, be aware that certain situations—such as having children from different marriages, a disabled child, or leaving some children out of the will—can create unforeseen complications that could cost your estate and your family money and grief.
We recommend using the Epilogue Wills service to create your own will. It’s created by estate lawyers and you must answer preliminary questions to determine if an online approach is a fit for your circumstances. If your needs are more complex than a basic will, they advise you to seek help from a lawyer.
I Don’t Have Anyone to Appoint as Executor – Appointing an executor is a big decision. It’s important to do your research and consider who is the best person to appoint. Read our blog “Choosing an Executor is an Important Decision” for tips.
Consider appointing an impartial third-party Professional Executor as your primary or alternate executor – Financial Concierge can help.
Let our advance worrying become advance thinking and planning.
Ready to Make a Will?
Feeling motivated to make a will this month after reading this article? Congratulations on taking this important step.
If not, consider creating an online will for now. You can complete it in under an hour from home for less than $150. You can always choose to see a lawyer later should your situation require it.
Here’s what to consider:
- Who will you name as your executor(s) and backup?
- Who are your beneficiaries and what percentage of your assets will they receive?
- Any special bequests, like personal belongings or collectibles, for loved ones?
Need more convincing? Read our blog article on Five Unexpected Consequences of Dying Without a Will.
The deeds you do for yourself are gone when you pass away, but the deeds you do for others remain as your legacy.
Conclusion
A will represents so much more than a legal document. It’s your expression of caring and outlines your intent to protect the ones you love.
We’ve heard from many of our clients that they assume everything automatically goes to their spouse when they die. They were unaware of the importance of having a will to ensure their assets will be distributed according to their wishes
We encourage you to use Make a Will month as your reason to make or update your will in November.
Did this article provide insight on the importance of making a will?
We’d love to hear if this article helped motivate you to make a will. Share your story with us.
Financial Concierge™ offers Professional Executor and Power of Attorney services to assist with executor, attorney duties or help with managing daily financial activities. Learn more about Financial Concierge™ here.
Author: Janet Jackson, Contributor: Jill Chambers
DISCLAIMER: This blog is not intended to be legal or financial advice and should not be construed as anything other than for information purposes.
