If you have not completed a Will, you are among 60% of the Canadian population. Honestly, of the 40% that have completed a Will, 1/3 are out of date. Over age 35, only 38% of polled individuals claim to have an up-to-date Will. This leaves a large portion of the country ill-prepared if something happens. Families are not properly supported and protected. Let us put aside the morbid ideas of death for a moment and truly look at what a Will is and does.

What It Is

A Will is a legal document that shares with your family:

  • All your wishes
  • How you want them to take care of the things within your Estate
  • Who will take care of your underage children?
  • Who will be the estate administrator (Executor)?
  • How to distribute your
    • Estate
    • Funds
    • Business
    • Home
    • RRSPs
    • Travel
    • Home
    • Cars
    • Jewelry
    • …the list goes on

It legally protects your spouse, children, relatives, and charitable bequests. It offers peace of mind to all members of your family and/or business.
A Will is the one, simple document that needs to be prepared, to ensure the distribution of your Estate is exactly as you wish. If you still choose not to prepare a Will, then administering your Estate could cost more and take longer to complete.
Making a Will is now easier than ever. Click this link to start: https://www.legalwills.ca/

How It Works

A Will can:

  1. Help you control the distribution of your Estate
  2. Help you name the person responsible for managing your Estate
  3. Help you name the child(ren)’s guardian(s)
  4. Aid in shortening the probate process
  5. Lessen the Estate tax
  6. Help resolve divorce/ex-spouse issues
  7. Make gifts and/or donations
  8. Avoid mishaps between family members
  9. Limit surprises

Questions to ask:

  • If you are alone, do you have a system for notifying those close to you?
  • Where are the phone numbers of individuals who know your wishes?
  • Will your family know where to find the necessary documents?
  • Are you on top of the issues that might arise?
  • Are your beneficiaries correct? Be sure to confirm this for yourself.

During the retirement stage, these questions are more important than ever. Too often these very personal documents get little attention. Things change, life changes, and situations change. Have a look over the documents. Seek help if you are uncertain.

Client Story

We had a client that passed away. Her Will was outdated. It made it difficult to track down family members, phone numbers, and addresses. Even the names were outdated since her daughters had married and their names had changed.
Fortunately, we had left a Simplified Financial business card with this client. That made it easier for people to find us, among the many advisors. We were able to locate the Executor, notify the family, and help sort through the paperwork. After we took care of everything, the family was able to have closure.
Changes are inevitable. However, by taking the time to do annual reviews and updates, these changes can occur without issues.

Have a question? Or need clarification?
Call to schedule an appointment with one of our advisors.