Will You or Won’t You?
May 7, 2019Financial Fitness
Having a will is as important as having a health card or a social insurance number. For many of us, writing a will is at the bottom of the to-do list. We know we need it and we know it should be kept up to date but it’s something that can slip through the cracks so easily. But, what if we could shift our thinking to see a will as something we just need to manage? Like the family budget, the kids’ after school schedule or the grocery list? The good news is that a will only needs to be reviewed every few years – not every month.
Anyone with assets should have a will
You are not exempt because you’re single or because you don’t have children. When you die without a will, the province you live in will use a standard provincial formula to distribute your money and your possessions. This formula usually will not reflect your wishes for the distribution of your estate.
We’re not saying that making a will is an enjoyable process, but it doesn’t have to be difficult. And it sure beats allowing someone else to divide up your estate and make decisions regarding your most valuable asset – your children. Having an up-to-date will is the most effective way
to protect those you love!
Write it all down
- Identify the possessions and assets you want distributed.
- Decide who should receive what (your beneficiaries.)
- Choose a guardian for your children (if they are minors.)
- Select an executor to administer your estate.
Hire a lawyer
- A simple will can cost as little as $300 for legal fees.
- A more complex will can range from $700 – $2,000 for legal fees.
- A do-it-yourself will kit may seem like the way to go but if it it’s not done properly; it can be contested in court.
Keep it current
- Revisit your will every few years with your lawyer.
- Change your will if your family has grown or if your assets have changed.
- Review provincial laws as they can change every few years.
And remember – FaithLife Financial Members who employ the services of a legal professional to draft or update a personal will or power of attorney, can take advantage of a Member benefit for reimbursement up to $100 (available once every five years).