Estate planning is an essential part of life that is often overlooked. The idea of planning for the inevitable can feel daunting and overwhelming, but avoiding the task can result in complicated legal battles and financial turmoil for your loved ones. In this article, we’ll discuss who should have a will and why estate planning is so important.

  • If you recently got married or remarried, it’s crucial to update your estate plan. Marriage changes your legal status and can affect your assets, debts, and inheritance. Without a will, your spouse may not receive what you intended for them to have. Additionally, if you have children from a previous marriage, a will can ensure that they receive what you want them to have. Making an estate plan helps to protect your new spouse as well as your children.
  • If you recently went through a common-law separation or divorce, updating your estate plan is crucial. A will ensures that your former partner will not be entitled to your assets or property, and you can also name a new beneficiary for any assets.
  • If you have assets such as a home or multiple properties, a will is essential. Your will can include provisions for who will receive your assets and how they will be distributed. Without a will, your assets may be distributed according to current laws, which may not align with your wishes.
  • If you have dependents, a will is crucial to ensure their financial security in the event of your death. A will can outline how your assets will be distributed to your children, and you can also appoint a legal guardian for them in your absence.
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Estate planning can be a difficult topic to discuss and plan, but it’s crucial to ensure your loved ones are taken care of in the event of your death. Whether you recently got married, own multiple assets, have dependents, or have strong philanthropic interests, a will is necessary to legally establish your wishes. Don’t wait until it’s too late to plan for the inevitable. Contact us to discuss your estate planning options.

PATRICK A. BELL – Lawyer at Bell, Jacoe & Company in Summerland BC provides legal help with real estate and wills and estate law.
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