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How does flood insurance work? + MORE Jul 18th
Flood insurance offers you, as a homeowner or renter, financial protection in the event of damage to your living space due to a flood. It may sound simple enough, but it often gets confused with water damage, and the two are significantly different when it comes to coverage. And since instances of f.... More »
What it’s like to work with a financial advisor Apr 5th
If you’re like many Canadians, you’re probably weighing working with a financial advisor. Maybe you’ve just gotten married, started a business, expanded your family or come into an inheritance, or you’re planning your financial future as you approach retirement.
A financial advisor can be.... More »
Why is condo insurance going up? Sep 12th
Condo insurance increases have been making headlines. In B.C., there’s been a significant jump in premiums that are making condo-living increasingly expensive. According to online condominium data resource Eli Report, B.C. condos are bracing for insurance increases that range from 25% to a who.... More »
Canada’s best credit cards 2023 Jan 7th
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Do You Need to Add Your Children to Your Auto Insurance? Oct 11th
If your children live at home and will drive your car, even occasionally, your insurance company will consider them “occasional drivers” and will add them to your auto insurance policy. The rule also applies to others living in your household, including relatives and roommates. When sho.... More »
Important tips on leaving real estate in your will
– moneysense.ca
Q. In my will I am leaving my condominium and all of its contents to my son. I have taken out a life insurance policy so that he can use the money to pay the balance on my mortgage. What are the pros and cons of this plan?
– Annie
A. Hello, Annie. It’s clear that you’ve made your will, but your letter doesn’t mention your age or what other assets or beneficiaries you may have recognized in it. Did you use a lawyer to prepare your will?
A lawyer would work with you to ensure you have a plan for what happens if your son passes away before you or with you—and, if he does, who is your alternative beneficiary? Have you considered whether your son will live in the condo or sell it? And does your son have a spouse or children who may inherit if he does not survive you? If you haven’t already considered these questions with a lawyer with experience preparing wills, I urge you to do so.
You have also asked for my take on the plan to life-insure your mortgage.
If you obtain life insurance from your mortgage lender, it may be only valid while you have the mortgage with that particular lender…
– Annie
A. Hello, Annie. It’s clear that you’ve made your will, but your letter doesn’t mention your age or what other assets or beneficiaries you may have recognized in it. Did you use a lawyer to prepare your will?
A lawyer would work with you to ensure you have a plan for what happens if your son passes away before you or with you—and, if he does, who is your alternative beneficiary? Have you considered whether your son will live in the condo or sell it? And does your son have a spouse or children who may inherit if he does not survive you? If you haven’t already considered these questions with a lawyer with experience preparing wills, I urge you to do so.
You have also asked for my take on the plan to life-insure your mortgage.
If you obtain life insurance from your mortgage lender, it may be only valid while you have the mortgage with that particular lender…
