Most of us know that having a will is important, but statistics show that what we know about wills and the action we take with wills are very different. According to a survey conducted by CIBC in 2013, more than half of Canadians die without a will. If you die without a will in Canada it is referred to as dying in intestacy. When you die intestate, it is up to government legislation to handle your affairs. Below are some points that should be seriously considered before deciding against a will and how you could expect the estate will be distributed according to the current rules of intestacy.
Benjamin Franklin once claimed there are two things in life that are inevitable: death and taxes. In the case of those people who die without a will and proper estate planning, the adage can easily be altered to: death and more taxes.
The wise Benjamin Franklin also once said, “By failing to prepare, you are preparing to fail.” So consider looking at the few simple steps below to ensure that you are ready for the inevitable.
Estate planning is an essential part of any financial plan. While you may think that having an estate plan is place is diligent enough, sharing that plan with your family is just as important. Many people do not want to upset their family by bringing up a potentially unpleasant topic, but instead of thinking of it as a plan for the end of your life, consider it a financial continuation plan for your family.
Your estate plan will include you will, insurance, and power of attorneys. All of these strategies will have been put in place to ensure your family will be taken care of in the event of your death. Having a sincere conversation about this plan will only benefit your loved ones in the long run.