Importance of Wills at Different Stages of Life
Will Packages: Will, Enduring Power of Attorney & Personal Directive
Even though will packages are one of the most important documents people should have in their life, too few people actually take the time to create one. Will packages include a will, enduring power of attorney and personal directive. There are a number of different reasons for this. Some people hate thinking about death, and others are of an age where death is just a distant threat. However, the reality of the matter is that death can strike anyone at any time, and you need to be ready for what comes after. Without a will, it could throw your family into even greater chaos and heartbreak than it is already suffering. 403-225-8810 for help or a free will package emailed to you.
Imagine your loving family fighting over money or photographs after you’ve passed away. It could cause irreparable rifts between them. A will package, even though not everyone will agree with it, can make those problems disappear. It’s important for people of all ages to consider getting a will package. Here are common stages of life where people consider getting a will package done. The Calgary lawyers at Kahane Law Office are here to take the stress out of having a will package. REMEMBER: Will packages do not expire by the simple passage of time. While there are some life events (such as divorce) that have an impact on validity of wills, time alone does not.
The Immortal Youth: Why Young People Need Will Packages
When we’re young, the thought of death (or completing will packages) doesn’t enter our minds very often. However, that does not mean that death will avoid you. Even though you may feel as though you do not have too much in the way of assets, it is no excuse to avoid having a will package. Starting a will now, while you are young, is a responsible decision that will stick with you as you age. As wills & estates lawyers we see the unfortunate situations where young people pass without a will package. In the event of death, we see estate litigation between divorced parents and even step parents. In the event of incapacity, we see the necessity of getting expensive guardianship orders and trusteeship orders from the court. Without a will package, even a short term incapacity can lead to serious financial issues if no one can step in and look after personal or business finances. Learn more about the importance of will and estate planning for young adults.
Wills & Will Changes After Your Wedding / Marriage
Once married, there are often changes that you need or may want to make to your will. The law with respect to wills and marriage changed in 2012. The change in law has led to some confusion. Once you get married, it is a good time to look at your wills as a couple and determine if you need to make changes. In order for your spouse to be a beneficiary of your estate, your will should reflect this preference. Our wills & estates lawyers can help you understand more about the changes you may need to make to your will once you get married. Learn more here about the effects of marriage/ wedding on your will and estate plan.
Wills After Buying Your First Home
Unfortunately, when someone buys their first home, they are often not looking to spend any extra money. Yet the cost of a will package is relatively inexpensive. Will a will protects an estate from having to deal with a fight over assets, it also just the beginning. As above, a will package includes an enduring power of attorney. In the event of a tragic event leaving a new homeowner incapacitated, this will allow someone to deal with the mortgage or even sell the home if needed. The additional cost, as compared to just completing a will, is under $250. For this additional amount a person gets not only a enduring power of attorney, but a personal directive.
Maturing and Becoming Parents: A Common Flag For Estate Planning
As you start to get a bit older, generally in the late 20s, 30s or early 40s, the idea of a will package starts to become a bit more important. Will packages being important is especially true if you have babies or children. You want to be sure that someone is there who will take care of those children in the event you pass away. You also want to makes sure that they will have the assets you are setting aside for them. Lastly, at no additional fee, your will package will include a minor beneficiary trust provision. This lets you decide at what age your child will get the bulk of your estate. Otherwise, some 18 year old’s have proven them selves to lack the financial ability to responsibly manage larger sums of money. Will packages help ensure that these issues are met. If you haven’t already set up a will, now is the time to do it.
Wills, Divorce & You
New wills legislation often see wills as void after a divorce. While most people will want to re-do their will after they are separated or divorced, you may have to. Divorce is a difficult and emotional time. Many people do not want to think about wills and mortality at this stage in their life, however it may be better for their family to have a valid will in place. This is the only way to make sure that your final wishes are legally enforceable. Here is more information on wills and changes to wills after divorce so that you can make an informed choice.
Wills For Small Business Owners
Small business owners have their own legal concerns that relate to their business. Wills and estate planning for small business owners is key to keeping the business going int he event of the incapacity or death of the small business owner. There are so many ways of the business being impacted, that we dedicated an entire page to wills & estate planning for small business owners. It is imperative for both you and your family that both your will and enduring power of attorney are set up with your small business in mind.
Nearing Retirement Age and the Elderly
As you get older and near retirement age, chances are you have a better idea of the amount and type of assets you will be placing in your will. Perhaps you’ve already set up a will. Now could be a good time to revisit the will and make some changes as needed. For example, if you bought a vacation home, you may now want to add that to the will. If someone in your circle of friends passed away, you would take them out of the will. At this stage of life it is usually a good idea to have your will package reviewed by a lawyer. The process of reviewing your will package may be beneficial to estate planning and ensuring that your end of life wishes are met. While a person’s own death is hard to think of, our wills & estates lawyer are experienced in helping you to have the tools to encourage older family members to get their will package completed. If you will administer their estate, you will appreciate it. This is also a good time to re-look at your enduring power of attorney (living will) and personal directive in case there is a time where you do not have legal capacity to make decisions for yourself. Learn more about estate planning as you reach retirement age here.
Terminal / Hospice Care Patients
Terminal illness can lead people to hospice care. Our Calgary lawyers can make house calls to complete wills packages for patients when and where they are needed. Learn more about the importance of hospice care wills and the specific importance of completing a wills package when terminal illness strikes.
Getting Will Packages Completed Today
No matter your age, right now is the time to set up a will package. It can seem quite daunting at first, and if you try to do it on your own, it certainly will be. However, you can work with a wills & estates lawyer that specializes in will packages. The lawyer helps you with drafting the will and ensuring that it holds up in court. Even if you feel you have only a few assets or that you are too young for a will, will packages are important. Do it today to enjoy the peace of mind it offers.
Calgary, Alberta Will Package Lawyers
The will package lawyers at Kahane Law Office in Calgary, Alberta are pleased to assist you in deciding if you need to make changes to your will based on these changes. Will packages are affordable and can be prepared quickly. We can be reached at 403-225-8810 or toll-free at 1-877-225-8817 or email us directly here.