If you don’t already have a will, you may be wondering if or when you’ll need one. You may be surprised to learn that most adults should have a legal will, even if they don’t have a family of their own or significant possessions. The process of estate planning takes little time and effort, but makes things so much simpler for the survivors/loved ones of the deceased. It also means that the likelihood of having the estate held up in the courts for a lengthy (and expensive) period would be minimized.
Let’s look at some key factors that will help you make your decision and if you should get started sooner than later. Estate planning isn’t fun or exciting, but it’s important. You’ve worked hard, you’ve amassed some assets, and you want your present or future dependents in the best hands – the only way to fully protect them upon your death is by having a will.
Life events to consider
There are certain times when it’s more obvious that you need a will, such as:
- Buying a home or other properties
- Owning a business or having a share in one
- Acquiring income, investments or other assets
- Getting married (or divorced) or living common-law
- Having children (or adopting or blending families)
- Dealing with a life-threatening illness or accident
These life events are significant; having a professionally drafted will in place will help ease your mind that you’ve got all your bases covered. It’s also important to know that any other life changes such as a relationship break up, addition or loss of property, adding or removing dependents and so on will require that your will is updated. You don’t have to start from scratch every time you have a new life event, but you do need to update your estate plan strategically from time to time. Failure to do so could mean that your assets go to the wrong people, or that your estate is tied up in the judicial system for months or years on end.
Details to consider
A will isn’t just about dividing up assets or naming guardians for children. Your will can also stipulate your wishes for your funeral and its costs, trust funds for dependents, and charitable donations for example. You’ll also need to appoint an executor whose job it is to ensure your will is carried out as you’ve outlined. When choosing this person, pick someone who is competent with administrative duties such as filling out paperwork, working with your estate lawyer, paying taxes/debts, and other details such as closing bank accounts. You can choose a loved one or friend for this role, but you can also acquire the (paid) services of an outside party who will act as a non-biased executor of your estate.
Making a plan
That old saying that “Life’s what happens when you’re busy making plans” is very true. We’re all very busy, and frankly, thinking about our own mortality and asset distribution doesn’t seem terribly enticing. The time to get your will drafted or updated is now. Book that appointment with a reputable wills and estates law office and you’ll be one step closer to getting this burden off your back and the peace of mind you deserve. You’ll likely be surprised at how affordable and easy the whole process is, and you’ll wonder why you put it off for so long.
At Ares Law, we specialize in wills and estate planning – from basic, ‘bare-bones’ wills to very detailed or complex ones – it’s up to you and your unique situation. Be sure to connect with us to make that appointment to draft or update your will. Call our expert team today at (705) 645-8743 and have the peace of mind knowing that you – and your loved ones – will be well looked after.
