Where Thereās a Will, It Will Be your Way
Did you know that over 50% of Canadians do not have a will?* Ā While some donāt know how to get started, others believe they canāt afford it.
Are you part of the 50% who donāt have a will? Having a will is an important part of your estate plan. Without a will, your assets would be distributed as per provincial intestate legislation. This process takes time, can increase costs, and will probably not match your wishes for your estate. If you have assets and want to give direction for the distribution of assets upon death, you need a will.
Get started now by working with your lawyer or asking your advisor for a recommendation for a lawyer they have worked with. It will be helpful to get a list of information the lawyer will request in order to gather whatās needed to create the will in advance of the meeting.
If you have concerns about the financial aspect of your estate distribution, your advisor can discuss an insurance solution that can help ensure your desires are met without negative financial consequences. For example, if you have a piece of property to give one child you may want to give your other child an equal share to make it equitable. An insurance solution may help depending on the circumstances.
References
Angus Reid Institute. Lacking the Will: Half of Canadians say they donāt have a last will and testament, including one-in-five aged 55+ AngusReid.org. March 7, 2023.
