Three Reasons Why Young Families Need a Will & Estate Plan.
Wills can be relatively inexpensive. As previously noted, the complexity of a Will dictates the cost.
You must protect the best interests of your child/children,
in life and in death.
Often, newlyweds will contact us inquiring whether they require a Will. Typically, if a child is not involved, we tend to advise they wait. However, upon the birth of a child, it is prudent to contact a lawyer and have a will drafted. Why, you may ask? Here are the three reasons why Young Parents/Young Families ought to get a Will.
(1) GUARDIAN - Choosing the Guardian for Your Child/Children:
“What if?”
“Better safe than sorry”.
“Worst case scenario”.
Whatever cliché applies, you must, ultimately, protect the best interests of your child/children. You must consider who - in the unfortunate circumstances that you and your spouse pass - is morally, financially, mentally, physically, or otherwise, best able to take care of your children? At times, parents’ are simply too elder. Other times, siblings may be suffering from a physical or mental incapacity. In many circumstances, financial security dictates who is best.
In any event, selecting a guardian is the number one reason to obtain a Will for young parents/families.
Selecting a guardian is the #1 reason to obtain a Will for young parents/families.
(2) FINANCES - Securing Finances for your Young Child/Children:
Do you own your own home be it a condo, townhouse, or single family dwelling?
Do you own your own company and/or company assets?
Do you have RRSPs, an investment portfolio, life insurance, and/or savings?
In the event of your passing, you want to ensure that all your hard work is not for naught. Most likely, you would like your children to inherit the sum of your wealth, and for it to be utilized for their benefit as they grow-up. Obtaining a Will can ensure this is done so responsibly by establishing a trust and appointing a trustee to look over the children’s trust. A trust is the securest legal instrument to protect your children’s inheritance.
A trust is the securest legal instrument to protect your children’s inheritance.
(3) TRUSTED EXECUTOR - Ensuring your Wealth/Assets are Managed Responsibly:
Who do you trust selling your home for the benefit of your children?
When you have a young family, your infant children will not be able to manage the affairs of your estate after your untimely passing. As such, you must appoint a trusted Executor; he or she will be able to sell your property, your assets (such as vehicles), and consolidate your wealth, among other things. An Executor does not have to be the same person as the Guardian, or Trustee. In fact, it is often wise to have three different individuals in each role (your mom or dad as an Executor, your lawyer as the Trustee, and a sibling as a Guardian, for example); however, this is often unavoidable.
TRI-CITY LEGAL does not recommend “online” or “virtual” Wills.
Find out why!
If you are a young family and require a will and/or estate plan, please do not hesitate to contact us for a free, no obligation initial consultation. Call us at (604) 628 8952; email us at: vsm@tricitylegal.ca; or fill out the form below: