A Guide: What to Prepare When Writing a Living Will
The World Health Organization reports that over five million died because of COVID-19. Their website also shows the vaccine shots given. But beyond these numbers, the pandemic taught us painful truths.
We have come to value life more because of the pandemic. We came to realise that we may never see our loved ones again. Lastly, we also learned that there is no such thing as too much preparation. With this in mind, we must come to terms with the idea that we must plan for the inevitable.
Have you talked to wills and estates lawyers? Some may find this move extreme. But after the pandemic, we must not leave anything to chance, especially if we have little ones who still look up to us.
If you have not, you must immediately set an appointment with one. We must provide for our children’s needs even if we are no longer there. But before your meeting, here are a few things that you need to do:
Create a List of Your Assets
Before meeting with wills and estates lawyers, make a list of your assets. You can include your real estate property, car, and pieces of jewelry. You should also write down intangible ones such as stocks, bonds, and life insurance policies.
Do not consider this move as something morbid. It would help if you kept in mind that your children’s future relies on your preparation. By listing your assets, you would have a clearer picture of your estate. Thus, you can decide on how to distribute them.
Prepare the Necessary Paperwork
At this stage of the preparation process, paperwork means the documents associated with the assets. One of the most common examples is the deed to your property. It would help if you also looked for bond and stock certificates. Do not forget the papers for your insurance policy.
Preparing these documents will make the process go more smoothly.
Choose Your Heirs
You might not think much about this, but writing down your beneficiaries will prevent legal battles in the future. Doing this will lessen the chances of anyone contesting your will. Discussing your list of heirs with your estate lawyer will resolve any issues regarding trusts.
If you have time, you can also note people you do not want to give anything. Doing this will give your solicitor a warning about possible legal problems coming from them.
Appoint a Legal Guardian
Most importantly, it would help if you appointed a legal guardian over your children. This step is crucial, especially if your kids are minors. Doing this will prevent any legal custody battles to manage your children’s finances.
Older generations avoid conversations about death or wills. But the COVID-19 death toll forced us to face harsh realities.
As much as we love our children, we cannot guarantee that we will always be there for them. The simple act of talking with an estate lawyer will have a tremendous effect on their future. It is why we should take this step.
If you want to start your will estate planning, trust only Ontario Wills. We offer will preparation services and handle will disputes. Make an appointment for a video conference.