Sometimes, thinking about your mortality can be horrifying, but death cannot be avoided, and it is an inevitable part of our life. Therefore, being prepared adequately about it is one of the best ways to bring peace to yourself and your loved one in the financial state. Furthermore, you can provide this peace of financial stability to your loved ones by having an up-to-date will.

A will is a form of a written document that speaks on behalf of you after your death. It typically communicates how you want your assets and properties to be distributed and among whom it needs to be distributed. If you pass away before your children reach adulthood, it also provides them with a guardian. They will also leave every specific detail and instructions like the arrangements you prefer for your funeral.

According to a poll conducted by the Angus Reid Institute in the year of 2018, it was found that about 57% of the total Canadians don’t have a will. Making a will can sometimes be too daunting, but it is essential to ensure that your property and assets are going to the deserved ones while providing your children with the required financial stability.

This article will briefly discuss the importance of having an up-to-date will.

Here are some important reasons to have a will in Canada

1. The creation of a will acts as a catalyst for having some essential conversations

rather than excusing yourself from making your will by saying that your family knows better what to do and how to do after your death, it is better to get an up to date will. Because, during your death, due to the grief and loss, your assumption can result in family friction as the decision-making can be highly affected due to emotional thinking.

Simply writing and putting down your wishes on your will can save your loved ones from the burden of guessing your last wishes. And hence, it is the right time to let your chosen guardians and executors know about your decision of choosing them and make sure that they are up to your required tasks.

2. You will get to decide about your properties and assets successor

the will provides you with the right to choose the correct executor for your properties and assets after your death. You get to choose someone from your life upon whom you can trust fully and also is well equipped with all the necessary organizational skills, energy, and time to serve in your role after you pass away. If you ever wish to change your executor later in life, you can quickly come back and get your will updated anytime without any single charging fee.

3. Will act as an emergency plan for your minor children and dependants

the thought of having to leave your children and dependants alone after a tragic event without any support is really scary. The exercise of this thought is not so easy but avoiding these thoughts is also not an option for the safe and secure future of your loved ones. 

A will lets the court and your minor children know that you are entrusted with proper support and care for your children. It is highly recommended not to make these decisions lightly and therefore get it done in writing, and as a result, it will save your children from any turbulence that can ensue due to the absence of the plan in that place.

4. The will also provide you with a plan in place regarding your pets

most the pet owners will agree with the thought that as much as we love our loved ones, we love equally the animals present in our lives. Therefore, for the proper well-being of your pets, you can also write down about whom you want your pets to be after your death and can also set aside some of the required funds to help and support the proper care of your pets.

 It is also essential to converse with the person you choose for your pet’s care and make them aware of your decision.

5. You have the freedom to decide about the distribution of your properties and their respective successors

the will act as a legally binding document that provides you with the freedom to choose and divide your properties and assets among your respective loved ones. You can allocate your loved ones either with unique gifts of monetary, real estate properties, or sentimental values such as art, books, and jewelry. You are also reducing the chances of arguments that might arise due to your unclear wishes.

6. Get your estate administrative taxes minimized with your will

in a person’s life, death, and the taxes are two of the most certainties. After your death, two central taxes will be applied to your estates. These are your probate fees, the estate administration taxes, and the final income tax return.

Your successive executor will be held responsible for paying the final tax bill and the probate fees, typically associated with your properties and assets after your death. You are also provided with several other ways to pay these taxes in advance, which will leave much more money in your beneficiaries’ pockets. Depending upon your asset structure and its policies, you can also reduce the amount of taxes paid for your estates. 

7. The gift of giving your will

if you ever wish to include a donation or simply a gift to the charities you believe and care about after your death, you need to get a will. You can also leave a percentage of your assets with the organization through a choice. Several organizations support legacy giving and allow you to make your payment beforehand to help needy people.

Conclusion-

One of the most financially sound decisions you can make for your loved ones and the people you care about in your life is simply by making a will. Despite popular belief, the wills are not always expensive and time-consuming, and you don’t always have to be rich to make a will. It provides you and your loved ones with the peace of financial stability, but it also provides you with the freedom to choose your executor. Therefore, getting a will has become one of the essential requirements in a person’s life. If you are looking for a professional who can assist you in your will management, you can contact us.