Financial Protection: Why You Need to Create a Will

Most of us want to pay less taxes. Although we understand that taxes are the nation’s lifeblood, it is still nice to find legal ways. No one wants to give away their hard-earned money. Some even believe that having a will means that your heirs will pay lesser taxes.

Unfortunately, this belief is erroneous. However, having a will means that you can reasonably estimate how much your heirs will pay for taxes. Thus, you and your solicitor can plan about tax deductions since your estate will be taxed as a whole. 

Most importantly, having one means that you can control where your assets go. If you still have doubts, you should pay close attention to this article. 

You Can Exclude People from Your Will

Most people think that a will must include all of your relatives. This belief is not valid. You have the freedom of excluding anyone that you dislike. It is important to remember that you are the one making the rules.

Many people have decided not to include in their wills their spouses that have hurt them emotionally or even physically. Additionally, some are determined to exclude their family members if they are already deadbeat.

The best thing about having a will is leaving all the money to family, friends, or charity. It is one of the reasons why you need to write your own will so that you can dictate and decide to who you want to leave your assets.

Avoid Legal Challenges

Having a will can protect you from challenges to your estate. You do not want your relatives to fight over your estate. You may get challenges from distant relatives or even from your relatives.

It is best to leave specific instructions about how you want your assets to be distributed. You can state who gets what and how much. Wills can help you avoid legal battles.

You can also include instructions on what to do with your assets in case of certain events. For example, you can instruct that your assets be distributed to your wife if she survives you.

Life Is Too Short

Lastly, there is no guarantee that your life will extend for as long as you want. You may get sick or may even die earlier than you expect. It is why you need to write a will as soon as possible and start using it.

Wills are essential because they protect your loved ones when you are no longer around. They are a document that you need to include in your estate plan, and you need to use them. It is best to leave your assets to people you like and not distant relatives.

It is best if you choose to write your own will. It would help ensure that the document dictates precisely what you want. 

Hire a good lawyer that will draft your will the way you want. It is a good idea to consult with a financial planner before you settle on a will. They can help you make a plan for the assets you currently have.

Conclusion

A will is a document by which you instruct how your assets are to be distributed in the event of your passing. It is one of the ways that you can protect the people you love. If the will is not done properly, challenges to your estate could occur. It is best that you consult with a lawyer before drafting your will.

You can ask Ontario Wills to draft one for you. As wills and estate lawyers, we can create a fool-proof document that will take care of your loves financially. Book a videoconference now!