3 Benefits of Creating a Will

|There is no doubt that this past year has been tough in so many ways. The pandemic, for better or for worse, has taught us many lessons, including the fact that although it's impossible to predict the future, we can make plans in the event that protect us and our loved ones in the future. One such plan includes ensuring that our wills and estate planning documents are completed and up-to-date.

Many individuals, including myself, have put this type of planning to the side for far too long. In 2019, only 22% of Canadians under the age of 35 had a completed will (canada.ca). It might seem like this type of planning is only useful for the distant future, or that the process is daunting or confusing, so it's easy to file this task away for a later time. However, the benefits of creating a will are plentiful and in this article we will explore three benefits of creating a will.

Please note: This article does not contain legal, financial, healthcare or therapeutic advice. If you are concerned about your health or well-being, speak with a health professional or visit your nearest medical facility in an emergency. The links in this article may be affiliate links that I will be compensated for at no additional cost to  you. ​

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3 Benefits of Creating a Will

​The topic of creating a will can be difficult to discuss or even taboo for many individuals, especially the younger a person is in age. It may seem like having a will and ensuring your estate planning is complete can wait until the future, yet, in actuality, it can be important  to create a will at any age. Let's explore three benefits of creating a will and an option to complete this process with ease.

1. Having a Clear Plan

In the event that an individual passes away or becomes unable to manage their own affairs, a will can act as a clear plan with distinct set of directions for the wishes of this individual to be carried out. Without a will, the process of estate planning, end-of-life wishes and funeral planning will be much more difficult to be carried out.

Having a clear plan means that you get to make important decisions including:

• who will be the executor of your will to carry out your wishes
• who will care for your pets and what portion of your estate is provided for their care
• ​making a plan for your pets care needs 

Starting with a timeline and date of completion can be ideal to creating your will. Set a date that you would like to complete your will and estate planning and write this on your calendar or planner. Next, decide on how you would like to complete your will. Consider Willful which is an online platform for creating your will in Canada. The process is simple and affordable.

2. Easily Updated as Life Changes Happen

Creating your will is a great step in having a clear plan for your wishes to be carried out although this document need to be updated or adjusted as life changes or events happen. Having the core documents sorted can make it easy to adjust your decisions as you go through life and experience new events such as the following:

• you recently got married or remarried
• you enter into a common-law marriage
• you go through a common-law separation or divorce
• you acquire assets such as a home or multiple properties
• you have a child or dependents
• you own valuable heirlooms such as art or jewelry
• you own a business or investments
• you have a cause that you wish to donate to

 
Set a calendar reminder every 6 months to a year to check in with your will to ensure that the information and decisions you last made are still current and relevant. Ask yourself if any life circumstances have changed and if so you can easily log in to Willful to update your documents.

3. Creating Peace of Mind

If creating a will has been on your to-do list for awhile now, completing this process can stop the difficult feelings that can often come up with procrastination, including guilt or frustration. Having a will can mean that your wishes are securely documented and that your family will be aware of what needs to happen in the event that you are not around to share these wishes.

Asking your family or friends to sit down and talk about your wishes can potentially make for an awkward dinner invite. Yet having this conversation can actually feel quite relieving for both you and your loved ones. Being able to speak about your wishes after you pass on can mean that you can feel comfort knowing that your wishes will be recognized and carried out in the way you would like them to be.

Having this conversation with loved ones also means that any possible tension or feuding between family members or executors can be avoided. All to often families can be divided over an inheritance, or be put through the strain of having to make arrangements for others without really knowing what the individual would have wanted. Having a will in place can reduce tension for surviving family members and help this often difficult time be a space for healing.

​Your last will and testament often simply referred to as a will is a legal document that outlines how you wish to distribute your assets such as property, money, or care of your children or dependents and pets after you pass away. Your estate includes all your assets— anything you possess of financial or other value.

Yet a will is much more than just a document - it's your wishes for very important decisions - and sharing your voice on these decisions is incredibly important and you deserve for these wishes to be met.

Learn more about creating or updating your will with Willful:
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• ​Coping with Laying A Loved One To Rest
• Your Mental Health And Money Relationship
• Tools to Take Control of Your Finances In An Uncertain Time

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