Take our advice – plan for a positive legacy.
We get it: no one wants to talk about dying – but sometimes we need to. Our team prides itself on offering “real help for real life.” We believe in managing personal finances responsibly throughout all aspects of life, and that includes death. November is Financial Literacy month in Canada and with that in mind, we would like to offer two important questions for all homeowners:
Question #1: Do you know who gets possession of your house if you die?
Your house is a valuable asset. Part of the home ownership responsibility is a thoughtful consideration of what happens to it should something happen to you. If you answered no to the question above, we recommend that you take the time to prioritize this consideration. If you have a spouse, a common-law spouse, siblings, and/or children that come to mind – without a plan it is ultimately the provincial guidelines that determine how your assets are divided among your dependents. If you answered yes, we have a follow up question:
Question #2: Do you have a current will in place that outlines your expectations?
If you don’t you are not alone. A recent survey concluded that 13% of Canadian homeowners do not have a current will in place and 36% (!!) have no will at all. Both of these scenarios are concerning. Without clear expectations outlined there is opportunity for interpretation and for provincial intervention – which is a legacy that no one wants to be remembered for.
According to this article, even those with current wills are not isolated from intervention risks. Overlooking the naming of an executor can have an impact on the beneficiary allotment process. If an executor is needed and not named – a government administrator is appointed to assume the responsibility of interpreting the voids in the document. It is further noted that the assignment of this administrator takes time – up to months. Considering that homes often come with mortgages, can you imagine the stress of carrying those payments (equally among loved ones) while you wait for an administrator to approve the sale of the house? The nightmare scenarios are plentiful and our team urges you to make sure you do not fall into them – or should we say allow your family to fall victim to them while they are also grieving for you.
We believe that with the benefit and prestige of owning a home comes responsibility of managing that asset. Take our advice and take note of the grave concerns that can be unexpectedly gifted after you are gone. With that reminder clearly stated, perhaps all you needed was this friendly reminder? We have lots of great connections with local lawyers and would welcome the opportunity to share great contacts with you to obtain the best financial planning advice for this eventual time. We would like to also offer this virtual will site that promises to be quick, affordable, and effective.
It’s understandable that most of us procrastinate planning end-of-life details. Let us help you re-prioritize this important during-life process and set the goal of initiating/finalizing/updating your will this month – and don’t forget to pass along the tip to help others stay current with their financial planning.
