“Do you have a current will?” This is a question that I normally ask when helping someone plan for their family. Perhaps it should be followed up with “When was it last updated?”
If you die without a proper, valid will, your relatives may be overwhelmed by complicated paperwork and expensive legal issues. This all at a time when grief overcomes them.
Our lives are so busy with driving the kids to camps, hockey practice, ballet and even quite family time (if your lucky) that even basic family planning such as a your will is often overlooked. Indeed, all to often my client says they don’t have a will.
Yes, ensuring that assets and belongings are passed onto the right people is an important part of the will. However, as a parent, it is important to ensure that there is a named guardian in place to look after your kids. The last thing anyone would want for their kids during a difficult time is for them to not know who is going to care for them. With a will, not only can you spell out guardians and alternate guardians, but you can plan at what age your kids would receive the money from an estate.
A will is simply a document where you can leave instructions on what you would like to happen with the care of your kids and your belongings and who you trust to name to carry out your wishes.
Please feel free to contact me at my office at 250-483-3633 and take an important first step in planning for your family.