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Creating a will and estate plan may not be the most romantic gesture, but it’s an essential demonstration of commitment.
What says I’m committed to you and love you more than including someone in your will and estate plan? First, a will specifies how your assets will be distributed after you pass away, while an estate plan encompasses a broader set of tools and strategies (such as tax planning, financial planning, etc.) to ensure the smooth transfer of assets after your death. These two items, together, are a unique way to declare love this Valentine’s Day and Heart Month (for cardiovascular health awareness). Sure, it might not be the most traditional expression of affection, but let’s explore three compelling reasons why a will and estate plan are the ultimate act of love for your family.
Love also means security. Yet, surprisingly, half of Canadians don’t have a will, according to a 2023 Angus Reid poll. Having a one is gifting family a safety net—a well-defined plan can guide loved ones through the financial complexities that often accompany the loss of a family member.
In the event of your passing, a detailed will eliminates the guesswork, ensuring your family is taken care of, and it minimizes potential conflicts over your assets. With solid plans in place, your family isn’t left grappling with uncertainty about how to navigate the intricacies of your estate.
You will need to designate beneficiaries on your registered accounts and specify how your other assets should be distributed. This thoughtful act underscores your commitment to their well-being.
Your estate plan is more than just a distribution of assets; it’s a reflection of your life’s work and your values. When you articulate your wishes, you give your family a tangible way to remember and honour you. Whether it’s passing down a cherished family heirloom, endowing a scholarship in your name or donating to a cause close to your heart, your estate plan becomes a testament to the values that define you.
Your estate plan becomes a living tribute, ensuring that the essence of who you are is preserved and celebrated for generations to come.
Death is an inevitable part of life, and when it happens, the grief can be overwhelming. From funeral arrangements to property distribution, a will provides clear directives for your assets and plans, sparing your family from the emotional strain of navigating complex legal matters while mourning your passing. They won’t question if their (or other family members’) actions are what you want—because what you want is written out.
By writing up these details in advance, you are giving your family the precious gift of space to grieve without the added stress of managing the intricacies of an estate. As an estate administrator, I’ve seen first-hand the big difference this can make for families.
While a will and estate plan may not be wrapped with ribbons and bows, their impact is immeasurable. This Valentine’s Day, I urge you to consider the significance of a will, which is a gesture that secures your families’ best interests. It’s an investment in the future, a declaration of love that speaks volumes about your commitment to the well-being and prosperity of those you hold dear. I’m not saying to replace your planned V-Day gift with a will, but definitely add it to your shopping list.
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