Everyone is unique and has different needs. Whether you are young, old, married or single, renting a place or owning your home it is almost certain that you need to have a Will.
Virtually everyone should have a will that is of age, however less than 40% of the population actually has one. Lets review first the situation where you may not need a Will.
How do I know if I need a Will?
For most circumstances it is prudent to have a Will in place. There are exceptions to every rule though and the below is that exception.
Maybe you are single and have nothing of value (even sentimental value) that you would want to bestow to someone else. You have no dependents or children. You don’t care what happens to you should you become unable to speak for yourself. You have no preference if you are buried or cremated. In this above scenario, you may not need a Will.
What are the benefits of having a Will?
- You can have a say in your own end of life arrangements
- Your executor will know your wishes should you become incompacitated
- You can decide who your assets go to amongst those you care about
- You can help minimize financial burden to your loved ones upon your death
- You can ensure that your dependants are with someone of your choosing
- You can donate to the charities of your choice
Do you care what happens to your body?
Some people have strongly held convictions about what should happen to their body after they die. Some believe strongly in being buried and would like to be buried in a certain spot or next to a loved one. Others would prefer to be cremated and have only a memorial service with their ashes being scattered or stored with loved ones. If you have beliefs or preferences then you may want to ensure you have a Will in place.
What happens if I become incapacitated?
Do you have a preference for how you are cared for should you become unable to care for yourself? Are arrangements in place to keep the bills paid and your dependants looked after?
These are some of the issues you can contend with in your Living Will. It is a separate document than your last Will but it is a significant document that can save your loved ones from distress over the finances and the options available to them if you are ever unable to speak for yourself.
Do you have children or dependents?
It’s always difficult to think about your kids being without you. You can have peace of mind knowing you chose who would be the best caregiver for your children should something unfortunate happen? This is so important to consider ahead of time so that if the unthinkable happens your children are not left in the midst of a fight between potential caregivers or worse left with no one to look after them.
Of course the courts will assign them a caregiver or an orphanage but is that the outcome you would desire? No, of course not. It’s important to make arrangements ahead of time so that in the event of your death the children are in a stable environment with support in place. It helps you rest easy knowing that no matter what the future holds you have set in place a back up plan to ensure your kids are well taken care of.
Do you have assets or collectibles?
If you are a collector of rare items or just have a collection of interesting trinkets then it may be important to you to leave your collection with someone who will appreciate it or benefit from it. Having items of value, even sentimental value, are often things we want to ensure make it to the hands of those we care about.
Do you own a home? If yes then you will want to either sell it and allow the money to go to your beneficiary or you may want to give it to someone who will appreciate it. A Will is the only way to guarantee this outcome.
FAQ
Dying intestate means that you have died without a Will. In many cases the court then determines that all of your assets are to be sold off. We know that 60% of people in Canada do not have a will so this is a common occurrence. If you would prefer to gift your assets, you should consider getting a Will.
A Will can cost anywhere from $400-$1000 for the average person. But if you speak to an Experior Financial Associate and purchase a life insurance product from one of our partners then the member benefits include a free will. As well another one of our partners may provide funding for you to have a Will should you purchase an insurance product with them. If you already have insurance and you feel it is priced well then an Experior Associate can get you set up with a company that works specifically with your Will and reviewing legal documents.
Why do people buy Insurance?
End of life planning and coverage is the most common reason people buy insurance. It eases the burden when loved ones are already grieving and helps make that hard time just a little easier to manage. Nobody wants to leave their family or loved ones in a mess when they die. Coupled with a Will you are giving your loved ones your best efforts to help during a very difficult time.
Every situation is different but there are ways to protect yourself and your loved ones. Speak with an Experior Associate today. Our associates can assist you with all your financial needs including Insurance, Investing, Estate planning, and more.
