When we’re young and healthy, getting a will drafted up may seem like the furthest thing from our minds. However, as long as you have property and assets, an estate plan and will is a very good idea as everything will be divided up based on your wishes. The alternative to not having one means that things get complicated; your assets might not get into the right hands, and if they do, it may be a lengthy, costly, legal process that could have been avoided.
If you are young, single, don’t have kids, money, property or any other assets, then you likely don’t need a will at this time. However, if you do have any or all of these things, you definitely need a will! The process is likely easier than you think, and the headaches and heartaches it saves your loved ones in case of your death is significant. It’s important to protect your assets and make sure they go to the right people, and the best way to do that is to get your will drafted and signed.
The following list outlines some important life events that should spark anyone into action to start their estate planning.
Significant life events
If you’ve gone through any of these big life events, then it’s time to get the ball rolling on that estate plan a.s.a.p.:
- Major, life-threatening illness or injury
- Marriage, divorce, or living common law
- Home, cottage, vehicle or other such purchases
- Investing in or owning your own business
- Having kids – this includes adopting or having blended families
- Having a positive net worth (income/savings that exceed your debts)
- Owning investments, RRSPs, or other financial assets
Even if your income or assets are modest, having a will in place will give you peace of mind that you can distribute them as you see best, and not leave it up to others to make that decision.
Dealing with change
We experience a lot of change throughout our lives, and our relationships, income, houses, assets and family size/dynamics can go through big transformations. Whenever there’s a big life event whether positive or negative, it’s important to make sure your will reflects this. For example, if you get a divorce but don’t change your existing will, your ex-spouse will likely end up with your assets unless the will is updated. It’s a simple visit to your estate lawyer to make the necessary changes, but many people unfortunately forget this critical step and their property winds up in the wrong hands.
Additional factors
While most people think of their will as a document that outlines their asset distribution or who will care for their dependent children, it can also serve as a guide to your funeral arrangements, trusts or specialized funds for loved ones or other factors you want acknowledged after your passing.
When you draft up your will, you’ll be asked to name an executor. This trusted person is in charge of ensuring that your last will and testament is carried out as per your wishes. This job is best managed by someone who is organized, responsible and can look after the administrative tasks and paperwork. If you don’t have someone in mind, there is also the option to hire an outside agent to act as your executor. This person will be an impartial, neutral party who can ensure your will is executed carefully.
Getting started
If you checked off any of the ‘life event’ items within this article, then we have news for you: It’s time to start your estate plan. All that’s left to do is call and make an appointment with a law office that specializes in estate planning and wills. From there, you can work with them to finalize that will; it’s easier, and more affordable than you may think. Most of the clients we meet tell us after their wills have been signed that they feel such a relief, and wish they had done it all sooner. Why not connect with us and we’ll get started. Whether it’s an elaborate estate plan you need, or a basic will, we’re here for you. Here at Ares Law, wills and estate planning are our specialty. Call today at (705) 746-6444.
