New Mom or Dad? Here’s Why You Need a Will
Having a will is as important as having a health card or a social insurance number. And yet, for many of us, writing a will is at the bottom of our to-do list. In fact, just over half of Canadian adults didn’t have a will as of a 2018 survey (source). And while numbers have increased since the COVID-19 pandemic, even one parent without a will is one too many.
So why do we let this all-important task slip through the cracks? What if it were as simple as shifting our mindset to view our will (or estate planning, in general) as something we need to manage, just like the family budget, the kids’ after-school schedule, or the grocery list?
The good news is, that unlike these other chores, a will only needs to be ‘managed’ every few years to ensure it’s up to date – it won’t end up on our daily, weekly, or even monthly to-do list.
Seriously, updating a will is something you only do a few times in your lifetime, and it typically takes less time and effort than filing your taxes. Not only that, but it will leave you feeling much better knowing your affairs are in order and your children are taken care of.
Still no will? Keep reading for reasons why every new parent needs one.
7 Reasons to Draft or Update Your Will – Now!
- First and foremost, deciding who will look after your children should you die may be the most important reason why all parents need a will. This is especially true in the case of a common disaster involving both parents. Consider the unimaginable scenario in which the decision as to who should be the guardian of your children was left to the courts.
- Many people mistakenly think that family is permitted to make decisions unilaterally when it comes to the well-being of your minor children. Not so without a will. (See #1.)
- That’s right, if you die without a will, the provincial government decides how to divide your assets – not you and certainly not your loved ones!
- Not having a will can result in undue heartache and emotional turmoil for loved ones who are left behind. All too often families experience fallouts between family members who may have gotten along fine until they had to figure out how to administer an estate in the absence of a will.
- A will that was written before your children were born, or which hasn’t been updated over the years to reflect the birth of additional children and their transition into adulthood, is a very important reason to update your will.
- On this note, it’s also a good idea to make sure that the executor and guardian you may have chosen all those years ago is still healthy, willing, and able to fulfill these important roles.
- If you have life insurance or any other assets for which young children are the beneficiary, you need to determine a trustee who will manage the money/assets until they are old enough to do so themselves. Learn more about why parents – and especially moms – need life insurance in this article, Why Moms Absolutely, Positively Need Life Insurance.
Listen, we’re not saying that creating a will is an enjoyable process, but it doesn’t have to be difficult. And it sure beats allowing someone else to make decisions regarding the most valuable pieces of your estate – your precious children. Having an up-to-date will is the most effective way to protect the little loves of your life!
Serenia Life Financial members! Draft or update your will using one of the time-saving, cost-efficient benefits below.
Subscribe to keep updated with the latest news.