It’s easy to be complacent, for example, by making a will. Besides, we’re all going to live to be 100 years old, aren’t we? The sad truth is that if you die without a will, a court will end up deciding your affairs for you. Here are some important reasons to make sure you are covered in time.
Your Children’s Future
You can assume that your spouse or guardian of your choice will automatically get custody of your children, but this is often far from the truth. Bad custody battles usually follow when a parent dies, which can cost your family and children dearly.
Your Loved Ones Inherit your Assets
If you die intestate (without a will), some members of your family will receive your property by default. It is even possible that some or all of your property may go to the government if those relatives are no longer alive. With a final will, you can specify which friends and family you want to leave legacies to, how much they will receive, and under what conditions.
Protecting Your Family
If you have remarried and now have a new family, a will can help ensure that your new family is provided for after your death.
It Allows Fluffy to Find the Right Home!
If you have beloved pets, as many of us do, you need a will to ensure that they’ll go to the family member, friend, or animal shelter you want them to go to, instead of ending up in a high-slaughter pound.
Because Sparky Could End Up at The Pound
That’s right! If you don’t specify who will take care of your pets when you’re gone, they could end up in the pound. Many people feel obligated to take care of someone else’s pet; don’t just assume that a family member will take care of it.
Paperwork Is Kept to A Minimum
It minimizes the paperwork that your family must go through while they grieve your loss. When someone goes without a will, all decisions regarding your estate must be carefully evaluated and considered, and it can take a long time before a decision is made or a dispute is resolved. Your family will have enough grief to deal with without having to fight over your assets. Give them time to grieve by making all these decisions for them.
No Need to Pay Extra Legal Fees
In the absence of a will, the court will appoint an administrator to help you resolve your affairs. This can cost you up to 10% of everything you own in fees. As well, appointing a personal representative will help you ensure that your will is carried out according to your wishes.
To Set Up A Trust
Many people choose to create trusts in their wills. These trusts come into effect upon your death and give you great flexibility and control over the distribution of your assets. For example, you can create a trust that provides for the payment of funds for the health, education, and support of your children and spouse over the years.
So That You Can Have A Rock Star Funeral
In your will, you can specify exactly how you want your funeral to take place. If you hate the idea of being buried and you wish to be cremated instead, the only way to be sure and to be able to prove it is by will. If you want your ashes to be scattered outside of the Molson Canadian Brewery (and who doesn’t?), it’s best to make that clear.
It Saves Time and Money
A testament will save your family money in the long run, whether it’s for guardianship fees or better tax benefits. Wills are much less expensive to make than going through lawyers to fight over where all your material assets should go.