5 WAYS MAKING A WILL CAN HELP YOU REDUCE STRESS
We know what you’re thinking - how can talking about something so morbid, like making a will, reduce stress? While the thought of death can be scary, avoiding the topic isn’t going to prevent it from happening. Death is an inevitable part of life and being prepared is one of the best ways to bring you and your loved ones some peace of mind.
Despite the benefits, over 90% of Canadian millennials don’t have a will. If you’re fairly young and healthy, having a will may seem unnecessary. But the truth is, if you own property or have savings and investments, have children or pets, or are married or common law, a will is definitely in your best interests. Here are 5 ways making a will can help reduce stress and bring you some peace of mind.
You know your belongings will end up in the right hands.
Your will is a legally-binding document that lets you determine how you’d like to divide your estate and gives you a place to allocate special gifts of monetary or sentimental value such as books, art, and jewelry. Don’t forget about your digital assets as well! Whether it’s an online investment with monetary value or an income-generating social media account, you want to make sure that you’ve designated someone to manage these assets in the event of your death.
Not only does creating a will make sure your assets go to the right people, but you’ll reduce the future stress on loved ones by minimizing the chances of any arguments that may arise.
There’s a plan in place for your dependents in the event of an emergency
No one wants to imagine a world where children are left without their parents, but we promise you’ll feel better knowing that you have a written plan in place for your children in the event of your death. In your will, you’re able to designate a guardian and caretaker so you know your children will be taken care of by someone you trust.
Make sure to have this conversation with whomever you choose, so you know they’re comfortable accepting this responsibility in the event of an emergency.
You also know there’s a plan in place for your pets.
In addition to any children, you are also able to designate a guardian for your pets in your will, and leave money for their care. We all love our furry friends, so it’s important to put in writing who you’d like to care for your pet when you’re no longer able to and also set aside funds to help support your pet’s needs.
Many online estate planning platforms, like Willful, make it easy to name a guardian for your pet and leave a monetary gift for their ongoing care.
You can make sure that your important relationships are recognized
If you die without a will, you are considered to have died “intestate.” If this happens, provincial legislation will dictate how your estate is distributed and may impact important relationships in your life that are not recognized by these laws. In many cases, common-law partners and other dependants you wish to provide for, are vulnerable if you die without a will.
You just won’t need to worry about it anymore
There’s honestly nothing worse than walking around with a feeling of “I know there’s something I should do, but I’ll just get to it later.” Procrastination can be a dark cloud hanging over your head, making it difficult to fully enjoy the present moment knowing you have unfinished business. Completing your will and power of attorney documents can bring you some extra peace of mind, knowing that your loved ones are protected in an emergency.
