Three reasons why a will and estate plan mean true love
Author: Debbie Stanley
Source: MoneySense
What says "I’m committed to you and love you" more than including someone in your will and estate plan? A will specifies how your assets will be distributed after you pass away, while an estate plan encompasses a broader set of tools and strategies (such as tax planning, financial planning, etc.) to ensure the smooth transfer of assets after your death. These two items, together, are a unique way to declare love. Sure, it might not be the most traditional expression of affection, but let’s explore three compelling reasons why a will and estate plan are the ultimate act of love for your family.
1. The gift of security
Love also means security. Yet, surprisingly, half of Canadians don’t have a will, according to an Angus Reid poll. Having one is a family safety net—a well-defined plan can guide loved ones through the financial complexities that often accompany the loss of a family member.
In the event of your passing, a will can help to clarify your intentions and wishes, potentially reducing the likelihood of conflicts over your assets. With solid plans in place, your family isn’t left grappling with uncertainty about how to navigate the intricacies of your estate.
You will need to decide how to distribute registered assets: through beneficiary designations or through your will and specify how your other assets should be distributed. This thoughtful act underscores your commitment to their well-being.
2. Preserving your legacy
Your estate plan is more than just a distribution of assets; it’s a reflection of your life’s work and your values. When you articulate your wishes, you give your family a tangible way to remember and honour you. Whether it’s passing down a cherished family heirloom, endowing a scholarship in your name, or donating to a cause close to your heart, your estate plan becomes a testament to the values that define you.
Your estate plan becomes a living tribute, ensuring that the essence of who you are is preserved and celebrated for generations to come.
3. Easing the burden during difficult times
Death is an inevitable part of life, and when it happens, the grief can be overwhelming. From funeral arrangements to property distribution, a will provides clear directives for your assets and wishes, sparing your family from the emotional strain of navigating complex legal matters while mourning your passing. They won’t question if their (or other family members’) actions are what you want—because what you want is written out.
By writing up these details in advance, you may lessen the administrative burden of managing the intricacies of an estate on your family, giving them the space to grieve. This can make a big difference for families.
A love note for the future
While a will and estate plan may not be wrapped with ribbons and bows, their impact is immeasurable. It’s an investment in the future, a declaration of love that speaks volumes about your commitment to the well-being and prosperity of those you hold dear.
This article was written by Debbie Stanley from MoneySense and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.
