Have you completed your Last Will yet? If not, what are you waiting for?
That is the message we have often repeated to our readers: the importance of a Will is necessary to keep your inheritance from going to the wrong people. We have written about the issue of Intestacy. Intestacy occurs when no Will is left behind and the courts, or the provincial/territorial authorities, or another entity altogether, takes control of one’s estate. This has already happened with Amy Winehouse’s estate, as well as countless others.
The reasons for not having a Will are usually twofold: 1) Young people feel as though they are too young to have a Will done (and probably feel as though they are lacking in assets), and 2) It’s considered expensive to get a Will done (there is a persistent belief that one needs a lawyer to help draw out a Will). This is how one’s legacy is lost: by not having a Last Will and Testament.
If people were to dig a little deeper, there are always some type of assets people have: even if comes to things like phones or laptops. Perhaps the clothing you own is worth something? There are always things of value that you can find if you look hard enough, which is why a Will is always necessary. Obviously, the necessity for a Will increases as you get older and have children, but it’s something that people in their 20’s and early 30’s should also think about. You want to keep your legacy going!
The fact that many younger people have more of a precarious economy to deal with, shouldn’t be the catalyst as to the reason as to why you put your Will off. Everyone should have a Will. You can read more about the reasons as to why people put off a Will here: The Angus-Reid poll on why Canadians don’t have a Will.