What is the one thing that every living adult should have? That’s right…a will.
A will is important even if you don’t think you have anything of value to pass along. Here’s why: If you die without a will, the laws of the province in which you live will determine the division of your property and assets without any consideration of your wishes, or the wishes of your family members. This could result in significant conflict within your family when it comes to items of sentimental or monetary value. Other matters that will be decided without your input if no will exists include guardianship of minor children and the executor of your estate.
There are many things to consider when creating an estate plan. Due to the complex nature of tax and estate laws, it is strongly recommended that you obtain professional legal and tax advice. And remember to update your estate plan whenever you have a major life change such as a marriage, divorce, birth or death in the family.