why you need a legal will
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8 Reasons Why You Need a Legal Will

Who needs a legal Will? Every adult of mental capacity over the age of 18 years!

But, I Don’t Have Any Assets

Many people say that they do not have any assets therefore they do not need a legal will.  This is not true.  You may have few assets, yet you still need someone to be your legal voice for you when you die.

The main objective of a will is to name a person to be your Estate Trustee, to act on your behalf and to close off your estate when you die.

If you were to witness the family dysfunction, additional costs and emotional and physical turmoil that people go through when there is not a Will in place, I think you would seriously reconsider your rational to not have a valid Will.

Is Drafting a Legal Will Expensive?

Drafting a will does not have to be expensive.  There are no–cost and low-cost ways to draft a valid will.

Having a valid will in place shows that you care for your family, friends, pets and favorite charities.

Having a Valid Will Allows For:

  1. You to decide who will look after your minor children
  2. You to decide who will look after your pets
  3. Deciding who gets your assets
  4. Faster and easier settlement of your Estate
  5. Transfer of your estate in a tax effective manner
  6. Lower administration cost of your Estate
  7. Less taxes paid to the Provincial and Federal Government
  8. You to leave a bequest to your favorite charity

In short, having a valid Will in place protects the people you care about.

If you are not sure how to start or what makes a Will valid, all you have to do is connect with me and let’s chat.

It truly is that easy.

Remember where there is a Will there is a way to leave a loving legacy – because Your Legacy Matters.

I would love to hear from you and help get the conversation started.  You can connect with me via email or telephone, leave a comment here on the site or click the contact tab at the bottom of the screen if you are reading this post on the website. Don’t forget to join in the conversation on Facebook and Twitter too.

Until next time,

Kat

Katherine Downey is the #1 Funeral Preplanning Professional in Canada for the fourth time. She is a professional educator, author, licensed funeral director and insurance advisor. Not only is she a Certified Professional Consultant on Ageing and an Executive Advisor, but she is compassionately understanding.  To set an appointment or have your questions answered, please contact Kat directly

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Process for Assessing & Collecting Ontario Estate Administration Tax

Ontario Estate Administration Tax

In the 2011 Ontario budget, the Ontario government indicated that they would tighten the probate filing rules to enhance compliance by transferring administration of the Estate Administration Tax from the Ministry of the Attorney General to the Ministry of Revenue and Finance. This change received royal assent in 2011 and was announced in force January 1st, 2015. Effective January 1st, 2015, the Ministry of Finance now has a more defined process for assessing and collecting the Estate Administration Tax (EAT). Read more

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Who Will Preplan & Prepay Your Funeral Arrangements if you Can’t?

Alzheimers and funeral preplanningIt is estimated that by the year 2020 – 1 in 4 people will be diagnosed with cognitive related issues under the Alzheimer’s umbrella. The onset of cognitive decline may be slow and progressive or rapid and unexpected. The Alzheimer’s Society advocates “Speak Up” – get your affairs in order now. I have adapted this information in the context of prepaid funeral pre-planning. The question I pose to you is:  If you are not of mental capacity – then who will make your funeral pre-arrangements for you? Read more