{"id":189,"date":"2017-04-18T16:42:50","date_gmt":"2017-04-18T23:42:50","guid":{"rendered":"https:\/\/mgfadvisory.ca\/news\/?p=189"},"modified":"2018-08-22T16:44:32","modified_gmt":"2018-08-22T23:44:32","slug":"why-you-definitely-absolutely-without-question-need-an-up-to-date-will","status":"publish","type":"post","link":"https:\/\/mgfadvisory.ca\/news\/2017\/04\/18\/why-you-definitely-absolutely-without-question-need-an-up-to-date-will\/","title":{"rendered":"Why You Definitely, Absolutely, Without Question, Need an Up-To-Date Will"},"content":{"rendered":"<p class=\"p1\">The topic of wills comes up here at the office quite often, and no matter how many times it makes perfect sense in my head to explain why people need a will, I\u2019m still surprised to meet parents and grandparents who don\u2019t have it.<\/p>\n<p class=\"p3\"><span class=\"s1\">Sure, I understand \u2013 it\u2019s a topic you\u2019d much rather not have to think about, right? Needing a will means you\u2019re admitting to the inevitable. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Well, as a finance manager, you don\u2019t need me to tell you about that other major certainty in life \u2013 you know, the one that\u2019s not taxes \u2013 do you? <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">No, you don\u2019t want to think about the reasons why your will will be necessary at some point hopefully far in the future. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">But there\u2019s only one way to avoid thinking about your will. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Complete your will. <\/span><\/p>\n<h3 class=\"p1\"><span class=\"s1\"><b>Your Direction<\/b><\/span><\/h3>\n<p class=\"p3\"><span class=\"s1\">If you haven\u2019t done your will yet, then you\u2019ll want to consider who you\u2019d want to be in charge of your affairs. The truth is that you won\u2019t be around to give direction. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">So think about life once you\u2019re gone. Who will make decisions about your home? Who will take charge of your finances and help lead your family through the grieving process?<\/span><\/p>\n<p>Also think about your particular situation. Are you in a second marriage? Or a single parent supporting dependent children or parents? More than ever before, it\u2019s common to have a modern mixed family, and this requires pre-planning.<\/p>\n<p>And, do you want your estate to pay a lot in taxes when you pass away?<\/p>\n<p class=\"p3\"><span class=\"s1\">The last thing you want while you\u2019re still on this side of the ground is to worry about the <a href=\"http:\/\/www.getsmarteraboutmoney.ca\/en\/managing-your-money\/planning\/wills-and-estate-planning\/Pages\/Why-you-need-a-will.aspx#.WPFpt1PyvKZ\" target=\"_blank\" rel=\"noopener\"><span class=\"s2\">potential higher taxes your estate might have to pay<\/span><\/a>. Arranging your estate plan after you\u2019re gone without a will and testament will definitely be more expensive, time consuming, and emotionally devastating. <\/span><\/p>\n<h3 class=\"p1\"><span class=\"s1\"><b>Power of Attorney<\/b><\/span><\/h3>\n<p class=\"p3\"><span class=\"s1\">Appointing a power of attorney to function on your behalf is a crucial decision to help alleviate your family from legal or administrative burdens. It\u2019s difficult to imagine, but it\u2019s important to do so \u2013 the last thing you want is your family bickering over the distribution of your assets. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Arrange that distribution now and appoint a power of attorney to help you plan your estate. <\/span><\/p>\n<h3 class=\"p1\"><span class=\"s1\"><b>Guardianship of Children<\/b><\/span><\/h3>\n<p class=\"p3\"><span class=\"s1\">One aspect of writing your will that can easily be overlooked is the reality of guardianship once you\u2019re gone. This is when it really gets heart-wrenching \u2013 the last thing anyone wants to think about is leaving their minor children behind, but we all know it can happen. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">While we\u2019re on the subject, take care of yourselves out there. You have a say in how long you\u2019re going to be around, so make smart choices when it comes to nutrition and exercise. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Anyways, sorry for getting on my soapbox there. The truth is that neglecting guardianship plans can have terrible longterm consequences. Naturally, children would normally be in the care of a surviving spouse, but what if the grief of a partner\u2019s death is too much? There are too many situations to imagine. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">That\u2019s why it\u2019s best not to imagine them, not if you don\u2019t have to. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">And like I said, the only way to avoid these thoughts is to deal with them head on once and for all. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">And that\u2019s not to say your will can\u2019t be updated from time to time. If you find yourself worrying about an existing will, please give me a call, and we\u2019ll find your peace of mind together.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"The topic of wills comes up here at the office quite often, and no matter how many times it makes perfect sense in my head to explain why people need a will, I\u2019m still surprised to meet parents and grandparents who don\u2019t have it. Sure, I understand \u2013 it\u2019s a topic you\u2019d much rather not&#8230; <p><a class=\"view-article\" href=\"https:\/\/mgfadvisory.ca\/news\/2017\/04\/18\/why-you-definitely-absolutely-without-question-need-an-up-to-date-will\/\">View Article<\/a><\/p>","protected":false},"author":1,"featured_media":190,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/posts\/189","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/comments?post=189"}],"version-history":[{"count":0,"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/posts\/189\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/media\/190"}],"wp:attachment":[{"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/media?parent=189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/categories?post=189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/tags?post=189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}