Benjamin Franklin famously said, “By failing to prepare, you are preparing to fail.” Life is full of uncertainties, but with proper planning you can safeguard your legacy long after you are gone. Creating a thorough will ensure your wishes are honoured, and your loved ones are protected.
If you haven’t created a will, or your existing will needs to be updated, speaking with a wills and estate lawyer can help you access legal advice to protect your legacy.
Why Is a Will Important?
A will isn’t just a legal document. It declares your wishes regarding your assets, property, and dependents. Without a will, the government distributes your estate under intestacy laws, which may not align with your preferences, leading to disputes and stress for your loved ones.
By working with a wills and estates lawyer, you can ensure your will reflects your specific needs while mitigating the risk of errors. A lawyer’s guidance is invaluable in navigating complex family dynamics, tax considerations, and provincial regulations.
Key Benefits of Having a Will
By understanding the key benefits of a will, you can take a proactive step toward securing your legacy and peace of mind for the future. Here are some key benefits of having a will:
- Protecting Your Assets: A will ensures your property, including real estate, savings, and personal belongings, are distributed according to your wishes. For instance, if you own multiple properties, specifying who inherits them can prevent conflicts and preserve your investments for future generations.
- Caring for Minor Children: If you have children under 18, your will allows you to name a guardian to care for them in the event of your passing. Without a designated guardian, the courts will make this decision.
- Avoiding Family Disputes: Clear instructions will reduce the likelihood of misunderstandings and disagreements among family members. It provides a roadmap for handling your estate, minimizing conflicts during an already emotional time.
- Reducing Taxes: Strategic estate planning with a wills and estates lawyer can help reduce the tax burden on your estate, maximizing the assets your beneficiaries receive. Lawyers can guide you in structuring your will to take advantage of tax-saving opportunities.
- Supporting Charitable Causes: If philanthropy is important to you, your will allows you to leave a lasting impact by donating to charities or causes. This helps you support what you value and could provide tax benefits for your estate.
How to Get Started
If you’re ready to take the next step in protecting your legacy, creating a will is where you should start. Here’s how to begin:
- Assess Your Assets: Compile a list of your assets, including real estate, financial accounts, personal possessions, and investments.
- Identify Your Beneficiaries: Decide who will inherit what and in what proportions. Consider family members, friends, and charitable organizations.
- Choose an Executor: An executor ensures your wishes are carried out per your will. Select someone you trust to handle the legal and financial responsibilities.
- Consult a Wills and Estates Lawyer: Seeking professional advice is essential. A lawyer ensures your will is legally valid, comprehensive, and aligned with your goals.
- Review and Update Regularly: Life changes quickly so be sure to review and update your will periodically to keep it up to date.
Protect Your Legacy With One80 Law Group
Don’t leave your legacy to chance. Creating a will is a powerful act of care and responsibility that ensures your wishes are respected and your loved ones are supported. At One80 Law Group, Our experienced wills and estates lawyers are here to guide you every step of the way. Together, we can create a personalized plan that gives you and your family peace of mind for the future.
Ready to protect your legacy? Complete our online form today to schedule a consultation with a member of our team.
Disclaimer: The content on this website is provided for informational purposes only and does not constitute legal advice. To seek legal advice, please contact One80 Law directly to retain a lawyer https://one80law.ca/contact/