Avoid These Costly Mistakes: Prepare Your Will Today

What happens if you don’t make your will?

Don’t worry – the government makes your will for you.

The government makes your last will when you die without a will (intestate).

Intestate means government laws control all your stuff. That takes away your freedom. The government rules are rigid and inflexible. They do not allow for those with special needs or any exceptions.

What does intestate mean?

1. Your loved ones are left with no choices.
2. You do not get to choose who is in charge of your estate since you did not name an estate trustee
3. You don’t choose who your beneficiaries are and when they inherit
4. You cannot name your favourite charities or support your with tax planning
5. If you have a business or a second home, you didn’t take any steps to save taxes
6. You force your loved ones to go into court, hire lawyers to decide what you intended
7. If your common law spouse needs support or money, they must hire lawyers and go to court within two years of your death. How much will that cost and how long will that take?

If you die without an up-to-date will, your loved ones have no idea what to do and who is to do it. They will, without a game plan, not know where to start. If you are lucky, they may hire the same lawyer to save legal costs that your estate will likely need to pay.

Make your will so your loved ones know where to begin and avoid costly court proceedings.

You pay for everything if you don’t make a will, including any court battles that may delay in distributing your estate.

Tax Planning Can Be Simple

Without a will you cannot do any tax planning. You’ll pay the maximum in provincial estate taxes and income taxes.

If you die without a will, your debts must still be paid. They are not cancelled.

If you have a business, you could simply reduce provincial estate taxes by having a separate will to deal with your business.

Invest in an Experienced Will Lawyer

Make sure you have a current will. If you need a will or powers of attorney, set up an initial meeting to discuss your options. You’ll also receive a copy of my book, Estate to the Heart: How to Plan Wills and Estates for Your Loved Ones.

Hire a lawyer who does not dabble in making wills.

As a Certified Specialist, estate law is all I do.