Young people are less likely to plan for what will happen after they pass on. There are many reasons for this: young people are at lower risk for suddenly passing away, they may think they don’t have enough assets for it to be worthwhile, and many find it an anxiety-inducing process. But for young professionals in Ontario, the positives of estate planning often far outweigh any reasons to put it off.
People often feel discomfort when thinking about estate planning issues. While preparing for this possibility can be daunting, it is important to remember that the alternative to having a plan could be much worse for the people left behind. The easiest way to alleviate concerns is to work with a legal professional who can help guide the process and clarify steps.
For most young people, the steps are fairly simple. First, list all assets and debts. Next, determine who should be left with what. After that, name a beneficiary on accounts that allow for this and write a will that matches what is recorded on these accounts. Other issues, such as defining guardianship for dependents, making a list of personal effects and passwords, and finally storing your will can also be understood and worked through with professional support.
Doing this work early and often does help to prevent estate litigation should the unexpected happen. Even if it doesn’t, this foundational work makes future estate planning easier, because the groundwork has already been done. An Ontario lawyer can help to ensure all plans are legally sound and support the planning, administration and, if necessary, estate litigation process.