Having a will is more than just a legal requirement—it’s an opportunity to provide security, clarity, and peace of mind for you and your loved ones. Despite common misconceptions, every adult can benefit from having a will in place, regardless of financial status or family structure. A will not only allows you to direct how your assets should be managed but also relieves your loved ones of unnecessary stress.
Top Benefits of Having a Will
- Control Over Your Estate
Without a will, provincial laws will determine the distribution of your assets. This may mean that close friends or family members, such as common-law partners, might not receive anything if not legally recognized. Having a will enables you to decide who gets what, ensuring your intentions are respected. - Appoint Guardians for Minor Children
Parents can specify who they would like to care for their children if the unthinkable happens. Without a will, a court may appoint a guardian, potentially causing distress and complications within the family. By naming a guardian, you can help secure your child’s future in the way you envision. - Designate an Executor
An executor is responsible for carrying out your last wishes, managing your estate, paying any outstanding debts, and distributing assets as outlined. By selecting someone you trust, you avoid court delays, as well as any potential conflicts or confusion among loved ones regarding who should take on this responsibility. - Save Your Loved Ones Time and Money
The probate process can be lengthy and costly, especially if there is no will to validate your wishes. Having a clear will simplifies this process, saving your family both time and money, and avoiding possible court fees and disputes.
Key Elements Included in a Will
A well-structured will often includes:
- Beneficiaries: Listing who will receive specific assets, including any savings, investments, property, or sentimental items.
- Guardianship of Minor Children: Appointing one or more guardians for children, if applicable.
- Executor(s): Naming the person responsible for overseeing your estate.
- Specific Gifts: Detailing any special possessions, such as family heirlooms, to be passed on to particular people.
It’s also important to note what not to include in a will, such as funeral instructions or jointly-owned assets, which automatically pass to the surviving owner.
Plan for Today, Protect Tomorrow
For many, the idea of writing a will can feel overwhelming, but the reality is that it’s one of the most thoughtful actions you can take. This “Make a Will Month,” consider drafting or updating your will as a meaningful step to protect your loved ones.
At the Lung Health Foundation, our partnership with Epilogue Wills brings you a Will Planner tool to help secure your loved ones’ future. Join others in taking this easy, affordable step toward peace of mind—protect today, and plan for tomorrow with confidence