The Importance Of Your Will
A will can be a difficult thing to think about. Though, these documents are vital in helping carry out your final wishes and future plans. Without a will, provincial legislation can lead to several issues for your family. Wills offer closure and an opportunity to help your loved ones. When an individual passes without a will, their passing can be made much more difficult and longer-felt as various finances and assets are disputed over between the family. It is never to early too have your will set in place and receive these following benefits.
Controlled Asset Allocation
Wills provide individuals with the opportunity to decide where the assets will be allocated. This is important for helping provide loved ones with items that either has the most practical or sentimental value. This can be vital in family businesses, family properties, or in family heirlooms. Don’t forgo a will and leave your assets to be valued by legislation and provided to the sole-legal recipients.
Appropriate Financial Responsibility
An increasingly common issue in British Columbia is where a couple will pass away and their child will receive their full financial inheritance at the age of 19. In some instances this amount was over 2 million dollars. This can lead to financial and personal issues for the children and their extended family. Create a will and name a power of attorney, so that your child’s guardian can allocate the child’s inheritance in a more appropriate and manageable manner.
Protect Loved Ones & Provide Closure
Neglecting a will can leave a number of questions for your family in regards to child care, asset allocation and more, as well as can create unreasonable finical responsibilities for your loved ones. A will can answer questions regarding specific family measures and childcare responsibilities. A will can also outline how and when your children guardians should begin providing them with their inheritance. A will provides closure as well as important instructions with the passing of loved one.
A will can define what charities you would like to continually benefit from your estate. Payment amounts, plans, and proposed durations can all be designated. This helps make sure that your social benefits are carried on. In 2014, on 55% of British Columbians have an up-to-date will. Contact a trusted will and estate attorney to start creating your will today!