A Will is one of the most important legal documents you can create, yet many people delay or avoid making one. In fact, only 50% of British Columbians have a signed, up-to-date Will. If you’re among those who haven’t made a Will yet, or if you’re unsure of its importance, it’s time to rethink the role it plays in protecting your wishes and your loved ones. Let’s explore why having a Will matters and clear up some common misconceptions that might be holding you back.
1. Having a Will Gives You Control
A Will allows you to have the final say over how your assets are divided. A Will isn’t just for those with significant assets or just for elderly people. Nobody lives forever and when your time comes, you and your family will feel better knowing that you had a plan in place and that you expressed your final wishes in a legally enforceable way. Having a Will in place means that you’ve used your own freedom of choice to decide what happens to your assets and the legacy that you are leaving behind. If you die without a Will, the distribution of your estate will be governed by the British Columbia legislation: Wills, Estates and Succession Act (WESA). This means the government decides who gets what, potentially leaving out people or causes that matter most to you.
2. Your Will Appoints Trusted People to Handle Your Estate
One of the most important roles in your Will is appointing an executor—someone you trust to carry out your wishes after you’re gone. Your executor will manage everything from handling your funeral arrangements and settling your debts to filing your final tax returns and distributing assets. You can also name an alternate executor in case the primary person is unable or unwilling to serve.
3. You Can Appoint Guardians for Minor Children in Your Will
If you have minor children under the age of 19, appointing a guardian in your Will is crucial. This ensures that, in the event of your death, your children will be placed in the care of someone you trust. You can name both primary and alternate guardians so that you know that your children will always be cared for, comfortable and secure. If you don’t have a Will naming a guardian for your minor children and something happens to you (and the minor child’s other parent), your child will go into foster care.
4. Your Will Gives You & Your Family Peace of Mind
Creating a Will brings peace of mind, knowing that your affairs are in order and your family won’t face unnecessary stress during an already difficult time. It provides clarity for everyone involved and helps avoid family disputes over your estate. Most people are aware of the importance of a Will but may feel that the prospect of starting the planning is overwhelming and so they put it off. Procrastination is a dangerous habit when it comes to estate planning. You never know what the future holds, and the reality is that life is unpredictable. Creating a Will now ensures that your affairs are in order right now and that you are ready for whatever life throws at you. For further information about how to get started with your estate and personal planning, or to contact a local BC Notary Public for assistance, click here.
5. Estate Planning SAVES You Money
Many people avoid making a Will because they think hiring legal professionals is too costly or complicated. However, a basic Will can be surprisingly affordable. For example, the cost of a single Will might start as low as $425, and the process of creating a Will is straightforward with professional guidance. So, by spending just a few hundred dollars, you can buy peace of mind and can actually save your family money. A legal professional can help you to restructure assets and to ensure that your estate is set up in the best way possible. Conversely, if you die without a Will, the process of administering your estate is more expensive and complicated. The court must appoint an administrator to handle the estate, and this typically costs more than the Grant of Probate required for a Will.
The Takeaway: Plan Now for Peace of Mind Later
Creating a Will is an essential part of responsible estate planning, and the process is simpler and more affordable than people may think. Do not wait until it’s too late—take control of your legacy and secure peace of mind for yourself and your loved ones. If you are unsure where to start, consulting with a professional can guide you through the process, helping you create a Will that reflects your wishes and protects your family’s future.