5 Tips for Planning Your Estate
Planning for a time when you are no longer around can be difficult to do, which is why many people continue to die without a proper plan for their estate in place. More than just writing a will, planning your estate will ensure stress on your loved ones is minimized and that your wishes are seen through. Read on for Heritage Law’s five estate planning tips.
1. Write a Will
While this seems like an obvious tip to state, many people will still pass on without a proper will in place. Without a will, your assets will be divvied up according to provincial law, which may not align with what you would have wanted. Make sure you remember to update your will periodically, especially after any major events in your life (ex. the birth of a child).
2. Be Proactive
Dealing with and discussing your own death is not an easy matter; however, it’s incredibly important. The alternative to not planning your estate is leaving your family with a large mess to sort through and clean up after you’re gone. Life is unpredictable – don’t put off this important conversation!
3. Decide on Burial or Cremation
Make sure you have the proper documents in place so that your wishes are known surrounding burial or cremation. If nothing is specified, it’s left to your family to decide, which can cause a major headache if there are differing opinions from family members on how your body should be dealt with.
4. Purchase Life Insurance
Purchasing a life insurance policy is not necessary, but it’s an excellent way to make sure your family is taken care of after you’re gone. Life insurance can help offset the sudden influx of expenses that can pile up quickly after death. An insurance broker can help determine a life insurance policy that’s right for you.
5. Be Clear Where You’d Like Your Possessions to Go
Dividing up your personal property can put a lot of undue stress on family members. To keep things quick and simple, state in your will that you have a separate, signed list of who you’d like your items to go to. Be sure to update this document regularly, and date it each time it’s updated.
Need Help Planning Your Estate?
Remove stress and complications by talking with an expert at Heritage Law. Our estate lawyers will ensure that you have everything in order and that your loved ones will be taken care of.