We are not Lawyers, but we firmly believe that a Will is the foundation to a solid Financial Plan.
We have been searching for sometime for a Lawyer that is willing to offer their service to the general public at a very reasonable cost. We have now found that Lawyer.
One of the barriers for many people for not having a will is the perceived cost of the process. When we meet with first time clients one of the very first questions we ask is if they have an updated will. Surprisingly, most people do not. Here are the 3 big reasons why you need a will.
1.) Can save a great deal of time, expense and stress for your family and loved ones during a time of grief.
A properly prepared estate plan, including a will, allows you to direct where your property will go after your death.
A will is a legal document that details how your property will be distributed after your death. It also allows you to name your personal representative who will represent your estate after your death and carry out the wishes you have stated in your will. A will also allows you to name a guardian for any children who are minors at the time of your death.
An estate plan, including a will, can save a great deal of time, expense and stress for your family and loved ones during a time of grief.
2.) Keep Your Life up to Date.
A will that is out of date could create more problems than it solves. Laws change, personal and financial circumstances change, and new developments arise with respect to financial resources and estate planning. For instance, the wishes written down by a single person could change dramatically if they were to marry and have children. Acquiring or selling property could also change what you want to happen after your death.
It is a good idea to review your will with your lawyer on a regular basis to make sure it does what you want it to do.
3.) Personal Directives and Enduring Powers of Attorney
In addition to a will, it is important to think about what you would want to happen if you were no longer able to make personal or financial decisions before you die. Whereas a will comes into effect on your death, a Personal Directive or Enduring Power of Attorney can ensure your wishes are followed while you are still alive but unable to make decisions (e.g. due to an illness or injury).
Personal Directive
A Personal Directive allows you to name a decision maker and/or provide written instructions to be followed when, due to illness or injury, you no longer have the capacity to make personal decisions such as where you will live or the medical treatment you will receive.
Enduring Power of Attorney
An Enduring Power of Attorney allows you to appoint someone to make financial and legal decisions on your behalf. It is a good idea to consult with a lawyer to discuss your estate plan to ensure you have the appropriate documents in place to protect you and your property.
Some life changing events require a revisit of your Will. Marriage or second marriage. Buying or selling a business. Divorce. Dependent children. Change of wishes. Health status change. Foriegn property ownership. Citizenship change. Burial requests. Common Law relationship with children from different relationships. Life Insurance proceeds.
Our Recommendation:
Direct: (403) 930-0881
llytwyn@gfslaw.ca
Learn more about our planning services.
Fee-only Retirement Income & Investment Planning
Willis J Langford BA, MA, CFP
Nancy R Langford CRS
