Making a Will in Canada – the Complete Guide to your Options

What is the purpose of a Will?

Your Last Will and Testament allows you to speak after you have passed away. It does absolutely nothing and has no powers whatsoever all the time you are alive. But as soon as you die your Will has two key functions: it allows you to make key appointments and it allows you to describe the distribution of your assets. These assets include money, possessions, houses, investments, everything that you own. Making a Will is one of the most important responsibilities of every adult, and it should not be put off until a distant day in the future when you are “old”.

You should not think of making a Will as a once-in-a-lifetime event. You should always have a Will in place that reflects your current situation. You should write your first Will as soon as you are an adult, and then update it throughout your life as your circumstances change.

 

Your Key Appointments

By Making a Will you can make two key appointments.

Your Executor

This is the person you entrust to carry out the instructions in your Will. They have the responsibility to arrange your funeral, gather and secure your assets, and then distribute them according to the instructions in the Will. It is a very important appointment. Continue reading

Have you “Made a Will”? Make it your New Year’s Resolution.

It is that time of year again. The time when we all make New Year’s Resolutions for things that we know we really ought to do, but never quite get around to. We all know the popular ones. Go to the gym, lose weight, spend more time with our family. However, there is one New Year’s Resolution that we should all make sure that we keep. Have you made a Will? We should prioritize “making a Will“. Before you head to the gym and pay to join again, make sure that you protect your family and loved ones by writing a Will.

Making a Will

So many people do not make a Will, but really there is no excuse not to. It is one of the most important things that you should do to make sure that your family and friends are provided for in the event of your death. Continue reading

When you die, what happens to your Facebook and social accounts?

What Happens to Your Facebook Account When You Die?

When we are making a Will, we know that we must think about our personal assets such as our house, money and possessions. However, have you ever stopped to think about what would happen to your social media accounts? Facebook has almost 1.8 billion users. You are most likely one of them. Have you thought about what happens to your Facebook account when you die? Even though many of us spend a great deal of time on Facebook, most people simply don’t think about what will happen to the account after they have died.

Facebook now gives you a number of options about what should happen to your account when you pass away. It is one of the most helpful of the social media networks in clarifying your choices. There are three choices you can make about what happens to your Facebook account when you die. You can simply delete the account, memorialize it or download the contents and then delete it. Just take some time to think about which option is the best for you. Once you have made your choice, Facebook has made it very easy for people to carry out their wishes. Continue reading

Why do most people avoid writing a Will?

Why Do Most People Avoid Writing a Will?

Why do most people avoid writing a Will? Recent headlines suggest that people can avoid paying taxes for a considerable period. You just have to know your way around the system. However, none of us can cheat death forever.

“In this world nothing can be said to be certain, except death and taxes”

Benjamin Franklin

Immortality is not an option. We all know that one day our time will come. Yet most of us just don’t want to think about it. This is probably one of the most common reasons for not writing a Will.

A Will allows you to decide what happens to your assets and even your children if you die. So why is it that less than half of the adult population of Canada have made a Will? It is an easy process which doesn’t cost much in terms of time or money.

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