Don’t leave making a Will too late

Making a will is one of the tasks that people tend to put off most. Also, it’s one of the main reasons why millions of dollars worth of assets left by loved ones don’t end up in the right hands. Don’t leave making a Will too late.

None of us like to talk about death and I can understand why. However, failing to make a Will can leave those left behind with significant problems and stress. Extra stress not needed at what is already a tough time.

You have spent a lifetime working hard to accrue wealth and property. Surely you want to have a say in who receives what when you die?

A will can ensure that assets remain within the family and are passed on down the generations. Some people are concerned that new spouses may inherit their assets in the future. A well-structured will can stop this happening.

Did you know that more than half of Canadian adults do not have a Will. These Canadians run the risk of losing control over their estate if they die.

Previous reports have estimated that about half of people who have lost a family member in the past 10 years have struggled to locate their financial assets.
The problem is, most people don’t know what savings, investments, life insurance you own. As a result, they have little chance of tracking them down. These folks usually turn to a lawyer to help with their search. Hiring a lawyer is an easy way to run up a bill of $1000-plus for this service. Even more if it’s not a straightforward case.

Don’t leave it too late

The most common trigger for writing a will is reaching a milestone age, maybe 40, 50 or even older. Other cited reasons that spur people on to make a will are the birth of a child, the death of relative and buying a property.

Despite the fact that life events such as marriage, divorce and the death of a spouse can significantly alter the effectiveness of a will, many people have never updated their wishes, with a third of people admitting they simply haven’t got round to it.

Also consider this question. Do you have enough life insurance coverage? In many cases, there’s a major gap between the amount of life insurance coverage you need and the amount you have.