Have you begun the process of planning the handling of your estate and affairs upon your passing? It’s a simple truth that no one ever wants to think about leaving those we love behind, but taking a proactive step and gathering information to get your estate in order can bring significant peace of mind to both yourself and well as those you care about most. Wills are one of the most important documents you’ll ever draft, and ultimately exist to serve a dual purpose: to protect your loved ones and to preserve your legacy. While it can be easy to think of wills, and even estate law, as just the division of assets upon your death, the reality is there’s much more involved.
Arranging your estate and writing your Will, gives you the freedom to clearly outline your wishes and to make sure there’s a clear directive for everyone to deal with during an already stressful time. At Paperclip Law, we’re proud to partner with clients all throughout the Vancouver region to handle estate matters and have compiled a shortlist of three of the most commonly asked questions where Wills are concerned. Read on to learn more!
1. Why Should I Make A Will?
If you’re under the assumption that you don’t need a will because your assets will automatically transfer to your next of kin when you pass, you’re not alone. The misconception that your family members will simply just inherit your wealth as well as your property when you die is quite prevalent and can have extremely stressful repercussions for families to deal with while they are still grieving your loss. Contrary to popular belief, without a legal document that clearly states your wishes, your loved ones will likely spend months, or even years, trying to establish how your estate will be allocated, what outstanding debts need to be handled, and more. To prevent your family members from going through the heartache that is probate law, you simply need to have a notarized Will that serves as the guiding path forward after loss.
2. How Do I Choose My Executor?
Next to deciding how you want your assets to be handled, selecting your executor is one of the most crucial parts of handling your estate matters. The executor is in charge of carrying out your wishes and will have the power to make final decisions when it comes to funeral arrangements, organizing what you own and owe, instructing professionals who handle your assets (lawyers, real estate agents, accountants, etc.), and more. Because of the heavy level of responsibility involved, we strongly recommend choosing someone that has your full trust, and whom you know will always have the best interests of your family in mind.
3. How Do I Update My Will?
If you already have a Will but haven’t updated it in years, it might be a good idea to take another look! Unlike other legal papers, Wills are not a “set it and forget it” document. Our lives evolve constantly, and as a result, your Will should change any time there is a significant update to either your assets, the status of your loved ones, and more. From weddings to family members passing away, and even opportunities that may change your financial investments significantly, your Will should always reflect your most current state of personal and business affairs. Partnering with an experienced team makes updating a breeze, removing the chance of error and giving you peace of mind!
Ready to protect those you love most? Contact Paperclip Law to learn more about Wills and Probate assistance today.