Why don’t you have a Will?
Or, more specifically, why don’t you have an up-to-date, lawyer-drafted Will?
Some of the top reasons for not having a Will are set out in the photo above:
(1) I’m too young,
(2) I don’t have enough assets to worry about it,
(3) I don’t want to think about dying,
(4) I don’t have the time right now,
(5) Lawyers are too expensive, and
(6) My circumstances are straightforward; I’ll do it myself.
But … none of these reasons hold up to scrutiny. Let’s explore each reason in a bit more detail:
(1) Unless you are under 18 (and therefore potentially unable to make a Will, depending on your circumstances), there is no such thing as being too young for a Will.
Unfortunately, most of us are not able to predict exactly when we are going to need a Will. In fact, when we do have the luxury of time, many steps can be taken during our lifetimes to ensure our goals are achieved. When a death is unexpected, we are forced to rely on the terms of a Will.
A well-drafted Will can reduce complications and confusion, making things simpler for your loved ones during a very difficult time. Wills should not be left to retirement – Wills can be even more important for people with growing estates that need them unexpectedly. We have had clients ranging in age from their early 20s to their mid 80s, and the majority of our clients are between 30 and 45. Ideally, preparing a Will should be part of responsible financial planning for all adults.
(2) No matter what assets are in your name, you can benefit from having a Will.
You should absolutely have a Will in place if you own any real estate – but that is not the only asset that should prompt you to make a Will. If you own a car or have any bank accounts, having a Will is advisable. Having a legal Will means that a person (selected by you) is given authority immediately on your death. They will likely still need to apply for court approval (i.e., probate) but, without a Will, no one has any legal authority to act on behalf of your estate until court approval is given. Wills ensure your wishes are protected but also make the process smoother.
Further, if you have young children, the amount of assets is not really relevant. A Will is important for people with kids under 18 to allow them to have their say on guardianship and to dictate how their assets should be passed to their children. Without a Will, assets going to a child under 18 would be managed by an office of the government, and paid out in full upon a child reaching 18 years of age (which most people agree would be too young).
You may also wish to review:
· https://www.modernwills.com/blog/when-is-the-best-time-to-get-a-will
· https://www.modernwills.com/blog/why-is-estate-planning-important-for-young-people
(3) Talking about death (and incapacity) may not be pleasant, but thinking things through in advance makes things smoother for your loved ones.
Also, the process and the discussions involved throughout, can be less overwhelming when all the questions are hypothetical. Things can always be adjusted in the future. Wills should be drafted so that they would achieve your goals if needed tomorrow and if they have not been updated in twenty years and only reasonably foreseeable events have occurred BUT Wills should be reviewed at least every five years and adjusted as your circumstances evolve, as we cannot predict the future (and laws change over time).
(4) It is certainly difficult to prioritize a discussion about this topic but, if you feel you do not have the time right now, can you guarantee you will find the time before the Will is needed?
We completely understand that it is difficult to find the time, and we all do not have the same 24 hours in a day. Some people live with additional responsibilities on their plate, making it even more difficult to find time. This question feels awful to pose, but does get to the crux of the issue. Estate planning is something we must make time for. Because we unfortunately cannot predict if or when the documents will be needed. Working with a lawyer should make the process convenient and efficient.
(5) Dying without a Will can be much more expensive than paying a lawyer to prepare a Will.
Another way to address this point may be to narrow in on what “too expensive” means in this context. Too expensive in comparison to what? A do-it-yourself option? Other expenses?
It can be hard to make comparisons due to the very specific nature of a Will but here is one that may be useful: a financial advisor once told us that he asks his clients to consider how much they pay in car insurance in a given year, to protect their car, their family, and those around them – and then he asks them to consider if $1,000 - $3,000 to ensure that their wishes would be respected, and their loved ones are taken care of, on their death, still feels expensive.
Talk to any lawyer who prepares Wills as a main part of their practice, and they will likely share that Wills are generally undervalued and are priced very competitively – especially when you consider the time required to ensure everything is done properly. Preparing Wills also involves taking on significant liability – which is not reflected in the price paid, like it might be in other areas of the law. Liability insurance is one of the reasons we strongly encourage you to work with a lawyer on the preparation of your Will. (See point 5 at: https://www.modernwills.com/blog/why-a-lawyer-to-prepare-my-will)
(6) If you do-it-yourself, you will not be there to find out if you did it successfully.
Generally, do-it-yourself options are great, and we certainly need to ensure more Canadians have Wills in place. But we are not convinced that DIY Wills are the solution. If you paint your kitchen cabinets yourself, you will be there to fix any mistakes that you notice after the project is completed, and you will also be there to appreciate your hard work. With a Will, mistakes are typically not noticed until after a person has passed, or after they have lost the capacity to make a Will, and at that point it is too late to fix it. And the cost of a simple mistake, such as not using appropriate language, can be much higher than the cost of preparing a Will with a lawyer – if it is able to be fixed at all. (Also see point 2 at: https://www.modernwills.com/blog/why-a-lawyer-to-prepare-my-will)
Is there something we missed? Do you have another reason why you have yet to prepare a Will? Please feel free to reach out any time using the Contact Us form on this page.
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The post contains legal information of general applicability. It is not legal advice to any one person. It does not account for your personal circumstances. Do not rely on the information above; seek personalized legal advice. We do out best to ensure this information is accurate as of the date of publishing however, we will not update this information going forward.