15 Dec Top Reasons to Revisit Your Will
One thing that 2020 has taught us is that life can change in the blink of an eye.
Covid-19 has impacted everyone. Whether young or old, things that we used to take for granted such as spending time with friends and family, employment, being able to walk into any store without a mask, are things that are now top of mind each and every day.
While we may be moving closer this coming year to minimizing the effects of COVID-19 on our daily lives, the realization that we are not invincible has not changed.
This begs the question, when was the last time you reviewed your Will?
Whether it was 1 year ago, 5 years ago, or if you have never had a Will drafted, the top reason to ensure you have a valid will in place is probate.
Probate is the process of verifying your will in the legal system. In B.C., the cost is 1.4% of the estate. While it may not sound like a lot, 1.4% of one million dollars is $14,000.
A valid will may not require probate; however, there will be instances when institutions and agencies require probate before accepting the instructions in the Will, and distributing assets to those named in the Will.
First step – Ensure that your will is current, valid and accessible to your Executor.
Would you like to learn additional strategies to minimize the impact or need for probate?
Connect with a Case Manager for a referral to a legal professional in your area