Legal Wills and Emergency Planning

One critical part of financial planning that tends to be put on the “someday” list is estate planning. Let’s be honest, no one likes thinking about what will happen after they’re gone, but end-of-life and emergency planning helps protect the assets you’ve worked hard to accumulate and grow. Your Last Will and Testament, trust, and Power of Attorney documents allow you to appoint people you trust to act on your behalf when you are no longer able to or temporarily incapacitated. These legal documents empower them to distribute and manage your accounts, properties and any other assets according to your written wishes.

When and why do I need a Will?

Creating a legal will is an important responsibility and can be created once you reach the age of majority in your province or territory. Life is unpredictable and can throw us curve balls at any point, but having a will and a power of attorney (sometimes known as a living will) can help us prepare for the unexpected and protect our loved ones from future chaos and complications.

While all adults should have one, here are some key factors that drive people to create their Will:

• You recently got married or remarried
• You are currently in a common-law marriage
• You recently went through a common-law separation or divorce
• You have assets such as a home or multiple properties
• You have a child(ren) and/or other dependents
• You own valuable heirlooms such as art or jewelry
• You have assets that as a result of your death may cause tension among surviving family
• You own a business or investments
• You have a cause that really matters to you that you wish to donate to after you pass away.

In the event you pass without a will, the law says that you have died “intestate,” meaning that you haven’t left any instructions as to how you would like your property to be divided and distributed. In these circumstances, your property will be divided according to the laws of the state you live in. Usually, this is a set formula that the courts will decide on. There are many options when you’re ready to check this important task off your list such as visiting a lawyer if you need legal advice, or using an online will service if you have a simple and straightforward estate.

Regardless of how you decide to create these legal documents, you’ll need to have some important conversations with those you’re assigning responsibility to such as your executor, power of attorney, and if you have minor children, their guardians. Make sure they are comfortable with these crucial and potentially life-altering roles. They should know about your important accounts, investments, properties and the documents they might need access to in order to represent you and your wishes.