Did you know that only half of Canadian adults (51%) have a Will? That means that 49% of Canadian adults do not have a final Testament which is a frightening thought. According to a survey conducting by Lawyers’ Professional Indemnity Co. (LawPRO), 29% of Canadian adults believe they can’t afford to write a Will or do not know where to start.
Thinking about writing a Will may feel overwhelming. But not taking the time to draft one can be more costly. Shift your mindset and see a Will as a way for you to take care of your loved ones one final time.
Losing a loved one is never easy. Adding on the stress and pressure of administering an estate without a Will often adds additional weight, heartache, and expense – all of which could be avoided.
That’s why we are sharing our Top 5 Reasons why YOU need to write a Will today!
1. Appoint a guardian to your children
As a parent, writing a Will should be a priority. A Will allows you to appoint who will be the guardian of your children. As a caring parent, you will most likely choose someone who you trust and has similar values/morals as you do. Without a named guardian in your Will, a Public Guardian (the government) may be involved in your children’s personal lives, taking a portion of your estate as their fee.
2. Minimize Taxes
Without a Will, your heirs will have to apply to a probate court, who will then appoint an administrator to oversee your estate. This can quickly become a very lengthy and expensive process. Save your family the headache and stress of dealing with the court system by having a Will.
3. Save Money
Without a Will, your heirs will have to apply to a probate court, who will then appoint an administrator to oversee your estate. This can quickly become a very lengthy and expensive process. Save your family the headache and stress of dealing with the court system by having a Will.
4. Reduce Risk of Family Disputes
Fights, disputes, and fall-out between family members is a far too familiar story when distributing a loved one’s estate that did not have a Will. Having a testament prepared is one of the best ways to support your family during one of the most challenging times.
5. Missed Opportunities
Writing a Will is your way of making one final impact in your community. Many people don’t realize the wonderful things a person can do with a Will such as:
- Give money to a charity.
- Create a scholarship fund.
- Name who will care for your pets and animals.
- Pay for a trip to Hawaii for all of your family members.
- Give money to your grandkid’s education fund.
- Ensure you digital items (photos, videos, music, etc.) are being take care of properly.
- And more!
No matter your circumstance, it is possible for any one to create a Will. We never know what the future may hold for us, but you will never regret being proactive in protecting your assets and your family.
If you aren’t sure where to start, give our team at McGuiness Law a call (780) 900-7941. We offer free consultation and can provide you with some guidance through an often overwhelming process.