Guest post by Willful
Before there can be an estate sale, there needs to be estate planning. Here are the top 5 reasons you need a legal will.
You need to name your Executor (Personal Representative)
You may have family and friends who love and care for you but still would not be up to the task of closing your estate upon your passing. Your will is the opportunity to choose the right person as your executor. Someone in your life who you not only trust but who has the capacity—time, energy, organizational skills—to serve in this role.
An executor will help execute the wishes outlined in your will, distribute funds and gifts to your beneficiaries, and can act on behalf of your business and financial interests when you die.
For example, an executor can use the services of MaxSold to sell your remaining possessions in order to find the true value of your estate as well as pay off any debts that need to be settled.
You get to decide how your estate is distributed
Your will is a legally-binding document that lets you determine how you’d like to divide your estate and gives you a place to allocated special gifts of monetary or sentimental value such as books, art and jewelry. Help your loved ones navigate who gets what, what can be sold in an estate sale and minimize the chances of arguments that may arise when wishes aren’t made clear.
You need to name Guardian(s) for your minor children
In the event that you and your partner pass away without a will, your loved ones will be left to wonder who will become the legal guardians of your children. Your Last Will and Testament is the document that makes it clear who you have chosen for this important responsibility. Without clarity, some families have gone through painful in-fighting over this extremely emotional decision that can be made easier with your wishes in writing.
You want to protect undocumented relationships
While provincial laws and regulations try their best to provide for the immediate dependants of someone who has passed away without a legal will, there are some relationships that are left vulnerable. For example, common-law partners can be overlooked by the government if one partner dies intestate (without a will). Perhaps you have a close friend, neighbour or distant relative you want to provide for. Without written wishes, there is no guarantee your estate will be distributed to the ones you love.
You want to give to a cause you care about
Legacy means different things to different people, but one way you can choose to leave your mark is to donate a cash amount, property or a percent of your estate to an organization close to your heart. Your will is where you can make these wishes clear to your executor so you can pay it forward, even after you’re gone.
Like most things in life, any of these choices will likely change as time goes on. That’s why so many people are looking for online legal will solutions like Willful. In this digital age, people are looking for tools that are cost-effective and can save us time as well as keep our information stored safely. With Willful, you have access to a dashboard that you can return to so you can easily update or edit your estate planning documents as needed.
Just like MaxSold, we’re using technology to innovate in a space that is often cast to the shadows. End-of-life planning and services aren’t the most glamourous but a necessary part of being an adult.
If you still need to create your will and power of attorney documents, please use MAXSOLD15 to save 15% off any Willful plan. Get started today: willful.co
Willful is an online will platform that has helped thousands of Canadians prepare the important legal documents needed to help guide their loved ones. Plans start for as little as $99 and Willful guides you step-by-step in a process that takes less than 20 minutes. All of our documents were created with the help of estate lawyers with over 50+ years of experience. Currently serving residents of British Columbia, Ontario and Alberta.