The power of a last will and testament: How your final wishes can make an impact + MORE Aug 28th

What does home insurance have to do with the pandemic? Canadians have been spending more time at home as a result of the COVID-19 pandemic, and that’s a good thing–we’re all trying to stop the spread of the coronavirus and get back to life as we knew it. However, all of that extra time in our houses has led to an unexpected consequence for some families.
The Ontario Fire Marshal reports that between January 1 and May 4, 2020, there were 51 fire-related fatalities in Ontario—a 65% increase in comparison to the same timeframe last year. While there were a variety of factors behind these incidents, unattended cooking is a leading cause of residential fires. With restaurants feeling the negative effects of the pandemic, and more people working remotely or out of work due to the pandemic, cooking at home (while working and/or watching the kids) could be a reason for the increase.
The above is a troubling statistic for a number of reasons, most notably the tragic loss of life. From a financial perspective, this increase in residential fires may have some wondering if home insurance rates might go up in an already challenging time…

Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors. 
Risk ratings: what are they good for?
It appears that the risk ratings for mutual funds and ETFs turned out to be almost worthless in many cases in the recent stock market correction. If you hold a fund and check the fund fact sheet, you’ll see a risk rating that ranges from Low Risk to High Risk. 
Dan Hallett, vice-president and principal of Highview Financial Group, has long been a critic of these risk ratings. Hallett has suggested that the risk ratings have set up investors for a rude awakening in a major market correction. And that’s certainly what happened in the violent stock market correction in March. 
In The Globe and Mail, he offered:
“The ‘low to medium risk’ category contains an awful lot of funds holding nothing but stocks—which is nonsensical. More than 35% of the 1,200 funds in this category lost more than 15%, of which 38% saw declines of more than 20%…

We know that more than half of Canadian adults do not have a will. There are a variety of reasons for this, but one of the notions most commonly expressed by holdouts is that “it’s obvious who will be getting my estate.”
In most cases, this couldn’t be further from the truth. In fact, if you are married with children, there is barely any consistency among Canadian provinces in determining the fate of your estate (defined as all the things you own when you die—homes, investments, vehicles, personal items, everything). You might be surprised that in most provinces the default is not that it all goes to your spouse. And for people living common-law or those who are single, it is far from obvious what would happen to your estate and possessions if you were to pass away suddenly.
All of this is important, but it also misses a significant point: Writing a will allows you to do interesting and creative things with your assets.
Your will does two things: it allows you to make key appointments, like your executor (the person who ensures your wishes are carried out) and guardians for your children, if you have any…