Creating a will can feel like walking through a corn maze without a map. There are so many paths, and you do not want to take the wrong one or leave anything behind.
Common reasons why people avoid writing a will:
- I cannot afford a will
- I do not have the time
- I will do it just before I die
- I do not know how to start
- Only wealthy people need wills
- I do not want to think about death
- I do not want to deal with my family
- I am young. I do not need a will, yet.
- My family and I cannot agree on anything
- I was not aware of problems without a will
- I am not ready to make important decisions
- My family will divide things when I am gone
- I do not like feeling pressured to do something
- I do not want to share personal details with a stranger
If you do not have a will, chances are you can relate to at least one of these reasons.
Nevertheless, settling an estate without a will can be like going through a haunted house. It can be scary, and problems (or family members) have a way of bursting out at the worst moments.
Moreover, like trick or treaters stepping up to a dark and undecorated house on Halloween, the people to whom you want to give your precious possessions may have to wait a long time or leave with empty pillowcases.
“You’re not legally required to prepare a will. However, if you don’t have a will, the laws in your province or territory will determine how your estate is divided.”
(Government of Canada, 2018)
Government of Canada – Making a Will and Planning Your Estate
Myths and Truths about Wills:
Not Required*
- A lawyer
- A lot of money
- A notary’s stamp
*Helpful if you have a large estate.
Required
- A statement that it is your will
- Your signature and date signed
- Signatures of two adult witnesses*
*Witnesses must not be in your will
Click here for a comprehensive guide of your options: LegalWills.ca – Making a Will in Canada
To ensure your estate is distributed according to your desires, take the time to complete a will. Your family will give thanks that you did.
Simplified Financial is here to help. We can order will kits and help you assess your finances and assign beneficiaries. Give us a call!
We hope you enjoyed our October themed post!
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