Where there's a will, there's a way...

Do you know what a will is and why you should have one? In the news last year was the unfortunate example of what happens when you don’t keep your will updated: Heath Ledger’s will hadn’t been updated in close to five years, meaning that his daughter wasn’t taken into account. Fortunately, the grandparents have pledged to help her out and in most cases when a young person dies, his or her children would be taken care of by the grandparents. But what if this isn’t the case? What if the person who ends up with the assets of your estate is not the same person who becomes the guardian of your child(ren)?

Also mentioned in the article (and others) is the value of Heath Ledger’s assests. Wills are public documents after death and any property, investments, bank accounts, etc. in your name will be revealed. Jointly held assets and trusts are not public and not subject to probate fees. Probate fees arise when your will goes through probate (will approved in court and executor appointed). Many estate planning tools try and reduce the number of assets that will need to go through probate. For small estates, the probate fees are minimal but for estates worth more than $50,000, the cost increases (about 1.4% of value of estate).

For more information about wills and estate planning, check here and an excellent online booklet from the People’s Law School in Vancouver:

Nothing, of course, takes the place of a lawyer and their advice but it is a good idea to have an overview about your needs and terminology before a face-to-face meeting for which you will be billed at an hourly rate.

Every time you have a life event (buy a house, get married, have children, inherit money or property), you should update your will. This is especially important for naming a guardian for your child(ren) or for modifying the bequests if you get divorced.

Remember that your will most likely will not get read until after the funeral so all details about your funeral and burial should be discussed with loved ones or a funeral home (and instructions left with someone).

Planning your affairs for after you pass away shouldn’t be depressing. It’s not about death, it’s about making sure that your wishes are fulfilled and that those you care about are taken care of.

I have resources available if you should need them including lawyer referrals, organ donation contacts, and what to do upon death. If you are interested or in need of anything, please let me know.