It’s a New Year: Make or Update your Will!

will Jan 16, 2019

Many of us make New Year’s resolutions each year and, more often than not, these resolutions prove to be unsustainable. In fact, right about now, you may be starting to question whether or not you will be able to achieve some of your goals! Making a new Will or updating an existing Will is a resolution that is relatively easy to achieve.   

Two of the most important functions of a Will are:

  1. To appoint an executor to manage your affairs and wrap up your estate when you are gone; and
  2. To direct how and to whom your assets are to be distributed. 

That said, there are other significant issues that can be addressed through a Will.  If you have minor children, or a disabled child, a Will can name a guardian and set out your wishes with respect to the distribution of your estate to your children and/or their guardian.  A Will can also establish a trust or some other means of managing assets to benefit a disabled child.  Tax planning, the making of charitable donations and the setting up of trusts are all other key functions of a Will.

Even if you already have a Will in place, you should consider reviewing it this year.  Circumstances change over time and as a result, so should our Wills.  For example, your children may no longer be minors; you may have grandchildren now; or you may be retired with your financial situation significantly different than it was some years ago.  As circumstances change, you may wish to re-evaluate who you want to be the executor of your estate.  If your children are now adults or a spouse has passed away, updates may be warranted. 

An up to date and properly drafted Will can give you peace of mind and avoid uncertainty, stress, delays and costs that might be associated with wrapping up your affairs if you die without a Will, or without a Will that has been updated to reflect your current wishes.  

Please contact our office if you would like to discuss the next steps for preparing a new Will or updating an existing Will.  We would be happy to help you achieve at least one of your New Year’s Resolutions this year!

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