Will Planning

April 5, 2016

 

The hardest things in life to discuss may sometimes be the most important. Will Planning is crucial to have before anything disastrous happens. But the question is… where do we start? Find out more by watching our video and reading below!

 

Who?

– If you own property, are married, have dependence, or owe money – a will is recommended.
– If you have special wishes before anything, it is important that you have it written down

 

Why?

– Without a will, your directions will not be followed – therefore, the courts can be involved, they can appoint an executor and can cause delays and extra money to the estate.
– If you have children, you will not have a say for the guardians of the children. The court can appoint somebody to be the guardian, therefore any plans for their future will not be considered.
– When children turn 18, they may receive a bulk of your estate and if that wasn’t in your intention, that can be a concern.
– If you have a special charity or any other concerns that you want to be involved with, this can also become another issue.
– If you have a business, there can be some complexity and your business could dissolve

 

Family Impact

– The financial stress can be extremely impact – especially if the lawyers get involved when your intentions were unknown and it can whittle away the estate.
– Further, this can cause discord in the family and other extreme impacts
– To the extent where a long lost relative could potentially receive a portion of it
– Other further financial support systems in your family could end up in financial hardships such as businesses or assets

 

Will Kits

– This is a good place to start if you are single and have a single portfolio. Once you start adding your family members such as your spouse or children, it might be accessible and a great planning tool, but the more you accumulate, the more complexity behind it where it is recommended that you seek professional help.

 

If you have any further questions or concerns, do not hesitate to contact us! We’re here to help!

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138 Mahogany Plaza SE
Calgary, Alberta

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