Creating a Will for Young Families
Creating a will is a smart way for young parents to secure their estate in case of unforeseen events. Estate planning is not simply something that should be done once you are retired or your kids have moved out of the house. Since a will can be updated throughout one’s life, it is a useful estate planning tool to have on hand once you start to have children and acquire assets. Let’s take a look at three reasons why will creation is an important step for young families in Ontario.
Starting the estate planning process early
Creating a will is the first step in deciding what is important to you and how you want your estate managed. While providing for children is always one of the key pillars of will creation, the process also includes making decisions on family businesses, real estate, including cottages, providing for future educational pursuits, and managing your legacy.
Starting the estate planning process when your family is young not only helps provide peace of mind, it also helps young families with putting some thought into which assets matter the most and how they would want them distributed on death.
When creating a will, you will be tasked with choosing an executor for your estate. This person will be responsible for administering the estate once you pass on. They will also have access to your assets in order to distribute them according to your instructions.
Family conflict can often arise when a loved one dies unexpectedly without a will. It is therefore important to start the estate planning process early to provide a clear and well-thought out plan for your families’ assets.
For young families that have children, appointing temporary guardians in case of the unexpected is an important decision that requires careful thought and planning. Since guardians can have responsibilities towards your children until they turn 18 years, it is essential to choose the right people and discuss with them your wishes. It is also advisable to discuss with them whether they want to assume these duties should the situation arise.
When choosing a temporary guardian for your children, consideration must be given to schooling, health, family values and how you forseee your children’s lives should you not be there to care for them.
Updating your will
Creating your will when your family is young is essential to protect your children and assets. However, wills are not set in stone and you can always make changes. Updating your will is a process that can be done with your estate planning lawyer and is a common process among young families as the family grows and assets and needs change throughout their lives.
If you have any questions about estate planning, preparing or updating a will in Ontario, please contact our wills and estates lawyers at Merovitz Potechin LLP.
The content on this website is for information purposes only and is not legal advice, which cannot be given without knowing the facts of a specific situation. You should never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. The use of the website does not establish a solicitor and client relationship. If you would like to discuss your specific legal needs with us, please contact our office at 613-563-7544 and one of our lawyers will be happy to assist you.