Early January—that time of year when all sorts of resolutions are made and lofty goals set for the upcoming year. If making or reviewing your Will is not on your to-do list, here are three great reasons why it should be.
1. It doesn’t take as much effort as you think
The process of making a Will requires you to consider a number of important matters, such as your assets and debts, family dynamics, and mortality. Although these aren’t necessarily the cheeriest of matters to think about, the good news is, this is where the bulk of your effort is exerted. Once you’ve considered these issues and discussed them with a legal professional, the rest of the Will making process is relatively easy on your end. The infographic to the right describes the 5 main steps in the Will making process.
2. It doesn’t cost as much as you think
Concern about cost is a common reason why people avoid making a Will. Although cost is a real concern, many legal professionals offer flat fees for Wills, which can allow you to budget accordingly. Canadian Lawyer magazine’s most recent legal fee survey cites the average cost of a simple Will as ranging from $301 to $400. Depending on the specifics of your situation, if you die without a Will, your estate will likely end up paying far more than it would have cost you to make a Will in the first place. In Ontario, there are also organizations that provide estate planning help for low income families—please contact me directly for more information about these services.
3. You won’t regret it
Some New Year’s resolutions, e.g. cutting out sugar or learning a new skill, require considerable sacrifice and discipline, which can lead to moments of regret and even a failure to stick to the resolution. The likelihood that you will regret making a Will or become overwhelmed by the process is greatly reduced if your relationship with your legal professional is a good one. In fact, you might find such comfort and peace of mind from the process that you commit to reviewing your Will and estate plan on a regular basis!