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Your Will - Make sure someone knows where it is. Why? Lisa Patrick

There is  nothing wrong with giving it to your Tax Accountant to keep.  You visit them every year.
Your tax accountant would be the most liikely first place a family member would ask about it.
 
Remember it is a nightmare for the family if no Will can be found.  It's even worse if they know there is one and they just can not locate it.


Don’t be part of the statistic about Wills especially if you own a business. Lisa Patrick

Are any of these answers your answer to why you don’t have a Will?

There is no definitive statistics In Canada that I could find, but there is the collaboration  of research that states that many Canadians do not have Will.

Why?

  1. I don’t have enough money to worry about it.
  2. I am single.
  3. I don’t have any children.
  4. I don’t like to think about my death.
  5. Writing a will is time consuming, expensive and complicated.
  6. I am too busy building my business or working trying to make a living.
  7. I don’t want to deal with a lawyer.
  8. I don’t have money to get a Will drawn up.

Why have a Will here are several good reasons why:

  1. Avoid, or at least reduce, estate taxes.
  2. Don’t leave your children to the care of the government, name a legal guardian for any children you have.
  3. Don’t leave your family who are mourning for you in a mess handling your estate.  Appoint an executor to handle your estate and/or resolve any disputes over your estate.
  4. You have no assets, no bank account and nothing of monetary value, but maybe you have items of sentimental value that names may need to be placed on them.
  5. If you have children, preserve your assets by setting up a trust fund.
  6. You are single and have no dependents.  Make sure that what you have assets, those items that have sentimental value, etc. are appointed to who you want them to go to .. .don’t let the government decide … maybe there is no one to leave your estate to big or small .. .maybe the local hospital, or a child in need in your community could use the estate funds for education, food shelter…
  7. You own a business – YOU NEED a succession plan for your business.

Lisa Patrick
CEO


Choose Power of Attorney instead of A Will – A Will? Lisa Patrick

Ask your choosen power of attorney if they will help your family finish your estate if you have no Will?

Call your bank, land titles, Canada revenue agency, any holders of your belongings and ask if they will help your family finish your estate if you have no Will?

A power of attorney does not work when you die!!!

Get a Will… Make it easier on your beneficiaries.

Do not do your Will like a form.  Think about your belongings and your legacy.  Make lists…
Your belongings do not have to have a dollar value to result in distribution on death problems..
Sometimes it is that knife collection that has a very nominal value that has your beneficiaries fighting.
Observe your beneficiaries interests & desires… remember to list things as are communicated.
 

Darlene Lafond R.P.A., C.P.C.
www.executorsvault.com


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