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Top Reasons Why You Need a Will
Our lives have changed drastically as a result of COVID-19. At the same time, law offices are receiving requests from clients to revise or draw up new estate plans. However, many people still procrastinate when it comes to writing a will. Although most of us do not want to think about death or what it means to family and friends left behind, writing your will is critical.
For instance, a legal will affords you the opportunity to make sure your children or spouse will be cared for. And it needn’t be a time-consuming or complicated process. In fact, drawing up a will empowers you to designate who receives your valuables.
There are countless good reasons why you need a will. Here are our Vancouver Island law firm’s top three:
1. You must state in a legal will how you wish your financial and material assets are to be dispensed. If you do not, the law decides for you. This disempowers your spouse and other family from financial help. It may also leave them responsible for paying for your funeral arrangements. Additionally, should you wish to leave money to a cause close to your heart, you must record it in your will. Should you have a close friend or family member you want to bequeath cash or real estate, you need to record it in your will. If you want everything divided up equally among your offspring, you need a legal will. Without your wishes recorded in a legal will, you leave everyone vulnerable to unnecessary legal costs, turmoil, and delays.
2. You must have a legal will to mitigate misunderstandings after your death. Losing a parent is devastating for children. Your will can significantly reduce disputes and confusion for everyone concerned. Imagine if your children were temporarily placed in foster care after your untimely demise. The court process could take months before a new guardian is assigned. Your will offers financial security and moderates unnecessary trauma for your offspring. Furthermore, a valid will makes the legal process of your death more efficient than without. Family attempting to settle your affairs, unaware of your final wishes, can greatly delay everything. You need a legal will to safeguard your savings, property, and any other assets. You may list beneficiaries of your choosing so legal matters are settled as quickly as possible for the wellbeing of all concerned.
3. You must assign a legal guardian for your underage children in the event of your death with a legal will. Should both parents pass away, this becomes incredibly important. If you fail to take this vital step, provincial law decides whom will care for your offspring, not a close friend or family member. This can lead to tensions among family members and long delays in assigning children a new home. A will is an emergency plan for your child or even your beloved pet. Lessen the pain of loss for your loved ones and secure their future by taking action now.
Regardless of your financial situation, a legal will is affordable. Leaving a mountain of debt and no legal will behind for loved ones to deal with is no legacy to leave. Besides adding to their grief, the lack of a will can become a financial burden due to expensive delays and litigation.
The death of a loved one is a major stressor and extremely emotional time for families. Be responsible and compassionate. Don’t put off writing your will until tomorrow for tomorrow may be too late.