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Don’t procrastinate writing a will, experts say
– moneysense.ca
OTTAWA – It could be the most important document people write, and they won’t be alive to see it through.
Writing a will may be at the bottom of many to-do lists, but financial and legal experts say that laying out your wishes can ensure your money goes where you want and may save your estate from unnecessary bills after you’re gone.
Carol Harding, a wealth adviser with CIBC Wealth Advisory Services, says having a will is like having insurance.
“Hopefully nothing happens,” she said.
“But if something does happen, at least you’ve got the right paperwork in place to help the assets go to the right place.”
Estate planning: What you need to know »
When people die without a will, it is considered intestate and the courts will appoint an executor to administer an estate with the assets distributed according to the rules laid out provincially.
“What may happen is that there are assets allocated to children that might be needed for other purposes,” Harding said.
“If assets are transferred to a spouse — for example, RRSPs — they can transfer without being taxable, where if you have RRSPs and they are transferred either to a child or to a sibling, that becomes taxable income…
Writing a will may be at the bottom of many to-do lists, but financial and legal experts say that laying out your wishes can ensure your money goes where you want and may save your estate from unnecessary bills after you’re gone.
Carol Harding, a wealth adviser with CIBC Wealth Advisory Services, says having a will is like having insurance.
“Hopefully nothing happens,” she said.
“But if something does happen, at least you’ve got the right paperwork in place to help the assets go to the right place.”
Estate planning: What you need to know »
When people die without a will, it is considered intestate and the courts will appoint an executor to administer an estate with the assets distributed according to the rules laid out provincially.
“What may happen is that there are assets allocated to children that might be needed for other purposes,” Harding said.
“If assets are transferred to a spouse — for example, RRSPs — they can transfer without being taxable, where if you have RRSPs and they are transferred either to a child or to a sibling, that becomes taxable income…
