Having a strong financial plan not only allows you and your family to enjoy the things you value, but it also protects you in the case that an accident or death occurs. We’ve talked about making sure you’re protected with proper insurance coverage, but there’s another element to supporting your family when you’re no longer here: keeping an up-to-date will.
Wills provide guidance and clarity for those who will manage your estate and who may need your help on an ongoing basis, like children. Wills are extremely important to have in place, and we suggest you use this blog as a catalyst to review an existing will, or create a will if you don’t currently have one in place.
Why are wills important?
If you die without a will, your estate could be subject to disagreement and uncertainty for your loved ones, on top of dealing with your loss. Any discrepancies can lead to messy legal cases, and assets may go to spouses, children, or other family members without regard to your existing relationship. For example, if you’re separated but not divorced from your legally married spouse, and have a common-law partner, they would both be considered a spouse in the eyes of the law and may get equal share.
Common concerns about creating a will
A couple common factors holding people back from creating a will are time and costs. Meeting with a lawyer annually and collecting your paperwork is time consuming and costly. It’s not unusual to pay $500-$1000 for your time with the lawyer. And, like with anything regarding your finances, your will should be reviewed and updated annually and at major life events, like moving in with a partner, getting married, having a child, or buying a house or property. You should even review it when your child goes through these major life events, as you may want to account for their spouse and children too.
On the other hand, if you’re reading this thinking I don’t have anything of value to put in a will, keep in mind that your estate may benefit from things you haven’t thought of, like insurance payout or a wrongful death suit. If you’re an adult, you should have something in place.
While the thought of creating a will is not necessarily pleasant, by doing so, we’re making sure we can continue to take care of our loved ones after we’re gone. And these days, it can be quick and inexpensive to get a will in place. While some situations call for more expertise and detailed involvement, many wills end up being quite standardized. While you may feel more comfortable working with a lawyer, there are also other ways to get a will without the time commitment or the cost. One service we’ve found and used is Canadian Legal Wills. With an online service you can create a will for less than $40, and have the confidence that you have something in place. If you are interested in using Canadian Legal Wills, click here to get a 30% discount.
If you’re putting off creating a will or revising the one you have, think of how it can benefit your loved ones and remember that you want the decision of how your estate is distributed.
(Note: Invisor is not affiliated with and does not receive any referral fee from Canadian Legal Wills.)