Where There’s a Will, There’s a Way: Considerations When Writing a Will
We’ve noticed that there’s a negative stigma surrounding creating wills. No one likes to think about death, but the alternative is even worse for your loved ones and family. You should be the one who decides where your assets and resources go after your death. If you die in Canada without a will, the state will decide who gets what, and your assets won’t always go to your spouse.
It’s a good idea to consider seeking professional help when making a will. Professionals will be able to answer all of your questions and ensure that your will is valid and will be enforced. Professionals will walk you through this process, but for the sake of preparing to write your will, here are a few things to think about:
Things to Consider
- You must be over the age of 18 and of a sound mind to create a will. Exceptions exist, including for those serving in the military.
- Think about who your executor will be. An executor is the person who will handle your affairs after your death. Know that an executor has many responsibilities and should be accustomed to handling finances. If your executor makes an error, he or she will be financially responsible. You can choose up to 4 executors, allowing for a better chance that one of them will outlive you.
- The Provision for Family and Dependants Act 1975 requires that you leave enough of your assets to your dependents for them to live on. If this is not the case, your will could be challenged in the court and rendered invalid.
- You can also leave money to charity, which will not be charged an inheritance tax.
- You can leave a lump sum to your dependents or set up regular income payments.
There is much more that goes into writing a will and some circumstances require special consideration. Examples of these circumstances include:
- If you are divorced or separated from the father or mother of your children
- If you want to leave a family member out of your will
Professional help in this important matter can mean the difference between your family being taken care of or not. Even the smallest error can invalidate your will. Call us at 1-888-307-9991 to ensure that doesn’t happen. We care about you, and we will do all that we can to help you with your will. Call us to learn more today!