There are only two certainties in life, and this article won't delve into taxes, so we're about to tackle a somewhat grim subject. "Why?" you might wonder, feeling youthful and vibrant. Well, it turns out that a significant portion of Canadians, including a staggering 90% of Canadian millennials, haven't prepared a will.
While the notion of drafting a will may seem daunting at this stage of life, addressing the "what-ifs" while you're still young and healthy can spare you and your loved ones considerable time, expense, and anguish in the future.
For an inevitability like death, we sure go to great lengths to avoid discussing it. In the interest of facing reality, discussing the end of our lives is one of the most crucial conversations we're neglecting, so let's change that.
Death is an integral part of life
It's time to accept this fact. So, how prepared do you want to be? If you're relatively young and healthy but own property, have savings and investments, children, or are married or living with a partner, creating a will is undoubtedly in your best interest.
Moreover, recent studies indicate that women are significantly less likely than men to have a will. Married women, in particular, need to consider the fate of their assets, as they typically outlive their male partners—meaning that at some point in their lives, 90% of Canadian women will have complete control over their finances.
Drafting a will doesn't have to be a daunting task filled with doom and gloom. It simply ensures that your wishes are legally recognized. This encompasses everything from asset distribution to guardianship arrangements for your children and pets. It's also an opportunity to leave gifts to loved ones or your favorite charitable organizations.
If the idea of contemplating your own mortality feels overwhelming, consider this: Without a will, your assets and possessions will be distributed according to a default provincial formula, which may not align with your desires.
A court will allocate your assets among your closest relatives without considering your close friends. In cases where relatives cannot be located, the government may even claim your assets. And regardless of your relationship with your loved ones, don't underestimate the potential for family disputes over even the smallest possessions.
What a Will Can Offer You
While death may appear distant— and indeed, it might be!— life is full of uncertainties. Wills aren’t exclusively reserved for the elderly or financially affluent. Even if your assets are modest, designating an executor for your estate can facilitate access to crucial accounts (like online, phone, and social media) and property to settle your affairs. Even seemingly minor tasks such as emptying your fridge and dealing with personal belongings can become complex without a legally appointed executor.
Your own will serves as a gift to your loved ones from beyond, granting you a voice, even in spirit, and providing reassurance—a sort of roadmap for your friends and family to navigate the practical aftermath of your life during what is likely a challenging emotional period.
Where there’s a will, there’s a way
The idea of creating a legally-binding will might seem daunting, especially with the assumption of hefty lawyer fees, right? Fear not.
Drafting a will is actually quite straightforward, and thanks to online platforms like Willful, it's become even easier, more convenient, and more affordable. These platforms guide you through the process and allow you to personalize your will as if you were consulting with an estate lawyer—minus the hassle of scheduling appointments and visiting offices. It's particularly beneficial if your estate isn't overly complex.
You might assume that once you've drafted your will, it's a one-time task. However, as life evolves, so do our wishes, making it crucial to keep your will up to date. It's advisable to review your will annually to ensure it reflects your current desires. Updates are especially important following significant life events such as marriage, home purchase, childbirth, or divorce.
Let's Break the Taboo
One final point: Discuss it. Much like discussing finances, talking about death is often seen as taboo, but it doesn't have to be. Besides, avoiding the topic won't prevent it from happening. So, find a way to communicate your wishes to your friends and loved ones. Yes, it might feel uncomfortable, but there's no reason for it to be a solemn conversation. Transforming a heavy subject can be achieved by keeping it casual, open, and honest—and perhaps even injecting some humor. After all, who doesn't appreciate a good awkward laugh?
We understand, contemplating your inevitable end might not be at the top of your list of enjoyable activities, but don't wait until later in life to plan for your end of life. Whether it seems morbid or not, having a will is simply a wise decision because it takes a challenging aspect like death and makes it a little more manageable—not only for you but for everyone in your life. Ultimately, it's an act of love.