Everyone should have a will. Check out our post Do I Really Need a Will
Here are the top 5 questions you need to consider when you make your will.
- Have I made a list of all of my current assets and debts?
- Are they joint assets or joint debts?
- For my own assets, how do I want to divide them up amongst my survivors?
- Should I make a mirror will at the same time with my spouse?
- How do I provide for my children’s support if both of us pass on before they become adults?
- Who will be the children’s guardians?
- How will they be supported?
- Should I have a trust for them while they are minors?
- Do I want to leave specific property to a particular person or persons?
- Is there someone who has been more helpful or attentive to me over the years?
- Is there a charity I feel strongly about supporting?
- Is there some personal item I have, whether valuable or of sentimental value only, that someone close to me has expressed appreciation for?
- Who should I ask to be my executor/trustee to deal with my estate and my beneficiaries?
- Is my estate simple or is it going to be difficult to administer?
- Is my will going to have to be probated?
- Would a family member, friend or close professional adviser be up to the task?
- How do I make it easier for my family to deal with things when I’m gone?
- Should I put some of my assets into joint names with my family members while I am still alive?
- Should I designate specific beneficiaries for my investments, RSPs, life insurance, etc.?
- Should I let all of my assets go into my estate and divide it up amongst my spouse and children?
Answering these questions before you sit down to write your will, either by yourself or with the help of a lawyer, will make the process go smoother and faster.
If you have questions or need help, please contact us.