One day, we will all pass away. That is a fact of life, yet so many Ontario residents put off any kind of estate planning, including writing their wills. Why are so many people resistant to making an exit plan? It can’t only be an unwillingness to face death. What are some of the other reasons?
Perceived cost is a big factor
Many people are put off by what they believe getting a will drafted will cost them. It is not as expensive as many people might think. And the cost of not having one can be far greater for family members who have to contend with the fact a loved one died intestate. If a will is pretty straightforward, it should not take up too much of a lawyer’s time, and obviously the more complexities that are involved, the more establishing a will could potentially cost.
Protection for more than assets
A will can stipulate who would look after the children if both parents died. It’s especially important for safeguarding children and their financial futures; however, having a will is not only for children. It safeguards spouses as well. If one spouse dies before the other and a will doesn’t exist, property may not be divided according to how the deceased would have wanted it divided, but instead according to the law. Children typically also inherit a portion of the estate if there is no will.
No one likes to think about death, especially their own, but there is something to be said for being prepared for the inevitable sooner rather than later. Creating a will doesn’t need to be scary, and with the help of a lawyer experienced in estate planning, it doesn’t have to be stressful either.