Don’t Kick the Bucket List! When and Why You Need a Will Today

Home Sweet Headache? Adding Your Child to Title in Ontario
May 27, 2024
Home Sweet Headache? Adding Your Child to Title in Ontario
May 27, 2024
Show all

Don’t Kick the Bucket List! When and Why You Need a Will Today

Willpower

“That wasn’t as bad as I imagined!”, is a common refrain from clients once they have signed their will with us. Taking that step to get a will done can seem daunting, but once you turn your mind to it, the process is relatively painless. At the start, each client receives a short step-by-step summary of what to expect that sets out our process and our fees. There shouldn’t be any surprises.

Am I Too Young To Get A Will?

If you’re reading this, then the likely answer is no. Every capable adult who is at least 18 years old can get a will, and everyone who has assets and/or people they care about should have one. A commonly held misconception is that only old people get wills, but this couldn’t be further from the truth. A will should be viewed as a living and breathing document that you can change over time as your life circumstances change. Everyone should review their will at least every few years, and changes should be made if and when they’re needed.

What Time Is The Right Time?

Common life events that motivate clients to get a will include getting married or cohabiting with a partner, buying their first house or having children. Several other clients will come see us after witnessing someone they know pass away without a will, and seeing first-hand how messy it can be. Often people will come in before flying abroad (Rodney Dangerfield once said, “I went on a vacation to the Bermuda Triangle. I packed for forever.”).

Why People Delay

Thinking about a will isn’t exactly exciting, which is partly why about half of Canadians don’t have a will. Other reasons include:

* Procrastination
* Assuming assets will transfer automatically to their spouse or next of kin
* Discomfort with thinking about death
* Intimidation and feeling overwhelmed by the process
* Apprehension about cost
* Believing a will is set in stone forever and cannot be changed

The “Final” Word

Finalizing your will is generally not seen as synonymous with love and romance, but having a properly drafted and signed will is one of the most meaningful things you can do for people you care about. Hundreds of millions of dollars are wasted every year when people die without a will, or without an up-to-date will. Don’t let this be you and show family, friends, or charities some love by checking one box off on that bucket list, and get a will.

LLDG