(NC) One of the very best financial decisions you can make for you and your loved ones is to write a will. It is astonishing how many people in Canada do not have one — more than half, according to some estimates. For some, just knowing where to start can be an obstacle.
For others, maybe it does not seem urgent, but dying without a will could mean that your property will not be distributed in accordance with your wishes. So what are the secrets to writing a good will? Here are a few key points to keep front of mind:
- Choose your executor carefully. The executor is the person you have chosen to carry out the directions of your will. It must be an adult and it should be someone you trust. It is also a good idea to name an executor who is younger than you.
Take care of your loved ones first. Most of us plan to leave something to those closest to us. If you don’t name your loved ones in your will and state how much you want them to receive, your estate might not automatically go to the right people.
Name guardians for your dependents. If you have children under the age of 18, your will should name the person who will be your children’s guardian if you die. If you have pets, they will also need a caretaker.
Name the special causes you want to support. Think about the favourite causes you want to leave a gift to. It could be a health charity, a local animal shelter, or a human rights charity like Amnesty International.
Seek expert help. You might be tempted to write a will on your own, but that decision could end up costing your loved ones more. Speak to a lawyer who specializes in estates. Their guidance might not be as expensive as you imagined and will likely pay off in the long term.
Find more information at www.amnesty.ca/legacy.