Are you prepared for the future with safeguards that will protect those you love in the event of a medical emergency or your sudden passing? If your answer is no, you’re not alone. Each year, countless Canadian families find themselves facing incredibly difficult decisions after the death of a loved one without a will or proper mandate where estate management is concerned. While it’s understandable why so many of us choose to put off making a will (after all, who wants to think about any harm coming our way?), the simple reality is that you do need one, and taking the time now will save your loved ones countless hours of grief and frustration when it matters most.
At Paperclip Law, we understand that writing your will can often feel daunting; to help you feel confident when planning for the future, we’re pleased to offer comprehensive estate planning services that make it easy to set a clear directive that helps all parties involved. Below, we’ll dive into some of the key aspects to consider when drafting a will. Read on to learn how you can start preparing as well as some of the facts you’ll need to have in mind.
Why Do I Need A Will?
One of the most common misconceptions people tend to have regarding their estate is that they don’t need to make a will because their possessions will be passed down to their spouse or remaining family members. The fact is, this is a dangerous assumption that can, and often does lead to significant strife for those you love. Without a legal document that clearly outlines your wishes, there is far too much room for confusion and contention, and your loved ones can spend years dealing with the aftermath. This is especially detrimental where there are outstanding debts, a recent change to the family structure (marriages or death), or a sudden shift in assets. Probate law (estate matters are undertaken without a will) can take years to process within British Columbia and lead to costly battles; having a will helps to remove these hurdles and ensures that those you care for are protected as they grieve.
Choose An Executor
Your executor plays a critical role in carrying out your wishes upon your passing. Selecting the right fit is crucial and ensures that your directive is executed fairly and in a timely matter. The executor of your estate is held responsible for some of the most important decisions that will be faced in the days after your passing and will have the final say when it comes to funeral arrangements, organizing what you own and owe, the handling of your assets by lawyers, real estate agents, and related professionals, and much more. It is important to choose this individual carefully, and ideally discuss your wishes with them in advance so they have a clear vision as to how you wish them to proceed, even beyond what is written on paper. Choose someone you trust explicitly, and know will always have the best interests of those you love in mind.
Remember to Update Your Will
Many people think that making a will is a one-time event, despite the fact that it should be updated regularly to reflect any important changes to your assets, as well as any changes to your family. Marriage, divorce, the birth of a child, or the death of a family member are all valid reasons to make alterations, as are making any significant purchases or investments. Staying on top of updates is the best way to ensure that your loved ones are fully protected and aware of all aspects that they’ll need to handle upon your passing.
While the prospect of constantly updating may seem like a hassle, with the right legal team on your side, making changes can be quick and headache-free, leaving those you care about safe when it matters most.
If you’re ready to take the next steps towards handling your estate and protecting those you love, Paperclip Law is here to help. Contact us today to learn more about wills and probate assistance in Vancouver and British Columbia.