Every year, hundreds of thousands of Canadians die without a will. Their families and the courts have no guidance for how assets should be distributed, which leads to unfortunate circumstances such as an entire estate passing on to an ex-spouse instead of a current common law partner. Most Canadians understand that leaving a will is important for securing their legacy and ensuring assets find their rightful heir, so why are so many of us without an estate plan? And what are the benefits of writing and regularly updating a will anyways?
Why Do So Many Canadians Not Have a Will? As Canada’s premiere estate planners, we hear from Canadians from coast to coast as well as overseas. Many of our clients come to us as they craft their estate plan for the very first time, so we’re privileged to hear why they’re only now creating their first will. For many of these clients, they felt like the were too young or didn’t have enough assets. They weren’t married and had no children, so they didn’t see a pressing need to look after a dependent or partner. Our older clientele usually express being so busy with their kids, family life, and work that they simply didn’t have enough time. Which is, of course, one of the reasons we suggest creating the foundation of your personalized estate plan while you’re young and have fewer obligations.
It Gives Peace to Your Family. Once you have kids, grandkids, or even just pets who are dependent on your for care, it’s very important to make sure you have a will completed. Your will is what expresses your wishes for how these dependents are treated and who should care for them. Without your direction, the courts will be left to make the best decision they can for your children, but pets may end up on the street or even euthanized.
Self Examination. One of our favourite aspects of crafting your first personalized estate plan and revisiting it every five years is the process of self examination. Creating your will is going to require you to sit back and really evaluate your values, priorities, and needs. You’ll need to talk with the people you’re considering as guardians for your dependents and decide which assets will benefit which heir the most. As the years go by, this is likely going to change. The obvious guardian for your three year old daughter, may not be the ideal choice once she’s 15 years old. Do you want to just leave your estate to your second spouse? Or would you rather put it in a trust for them, so you can confidently say your assets will pass onto your children from a prior marriage once your current spouse passes away? There are many question to ask and consider, and this self examination period often has Canadians finding a better understanding of themselves and their family.
Your will is one of your best tools for determining how your legacy will be remembered when you’re gone. The professional estate planners at MacMillan can help you craft a personalized will that takes your unique concerns and priorities into consideration. Get started with a free consultation today.
