Why you need a will today (not tomorrow)

It’s not just about leaving money to loved ones

June 8, 2017

If you’re one of the many Canadians who have put off making their will, we have one message for you – please, don’t delay this very important element of your wealth management and estate plan!

A recent survey indicated that over 50% of Canadians do not have a legal will. This number is staggering, and certainly surprised many of us. If you’ve been following our blog, you know that estate planning is of great importance to Mailey Rogers Group. Kim Mailey and Victoria Rogers are dedicated to helping clients achieve their financial objectives so they can pass their legacy down to the next generation and create lasting, multigenerational wealth. But it’s not just about leaving money to loved ones – a will has many other significant implications.

Choosing an executor and beneficiaries and leaving clear, deliberate legal instructions in a will is a gift you give your family. Wills outline monetary plans, but can also include directions for your funeral and final resting place. A will allows family members to execute your intentions smoothly, without having to make difficult choices or speculate on what your wishes may have been. Without a will, your family could be tasked with a stressful guessing game during an already difficult time. Instead of simply implementing a legal document, they are forced to troubleshoot the distribution of your estate (a long and complicated process). This can be very hard on one person, and if more than one person is involved, it could lead to familial strife. Naturally, this is something we all want to avoid!

Talking about end of life is difficult for many – especially when money plays a role. That said, it’s critical that you make your wishes clear and legally binding. Don’t wait until you’re elderly to do this – it should be done as early as possible. A person in their 30s, 40s or 50s may not think they need a will, but they do. Everyone does, as we can’t anticipate what life will bring! It’s far better to be prepared than to be caught off guard.

Unfortunately, approximately 30% of Canadians aged 52-71 are unprepared, having no legal will in place. If you have a family and assets that are worth protecting, the time to act is now. Mailey Rogers Group can help! Clients of the Mailey Rogers Group have the opportunity to work with our estate planning specialist, Monique Trepanier. We trust her implicitly, and worked with her on our own wills and estate plan.

A will does not cost very much (typically less than $1000 for a couple) and can save your family significant time, money and stress later on. If you have a will but haven’t reviewed it in the past 3 – 5 years – you should! Your situation may have changed as well as the legislation. Facing your mortality is hard, but look at it this way – you wear a seatbelt in your vehicle. You wear a life jacket on a boat. You created a financial plan because you have needs and goals for your future – it’s a safety net for your family and your retirement. It’s peace of mind.

So why haven’t you made a will yet? It’s no different than buying insurance or choosing to invest well. It’s a smart financial decision that, simply put, makes sense. Time waits for no one, so why not get started now? You’ll be thankful that you did.