It includes things like mortgages, car loans, and taxes. Step 3: Get a general sense of your debts.Ī debt is considered to be anything you owe to another person or institution. In most cases, people don’t leave specific dollar amounts to their beneficiaries (unless they want to.) It is more common in your Will to divide your estate into shares to distribute to your beneficiaries. To make a Will, you only need a general sense of your assets and their worth. It’s a misconception that you need to know exactly how much money you have or what your assets are worth down to the penny. It’s important to know the birth dates for your children (specifically minor children) because that will determine whether you need to include a guardianship provision in your Will. This includes close friends, direct family members, and relatives like your nieces, and nephews. You’ll need to gather the full legal names of anyone who will be included in your Will. We’ve broken down the ten essential components of a Will so you can easily prepare to make one without feeling overwhelmed. The good news is it doesn’t have to be complicated or expensive to make a Will. But, if you die without a Will in place, you undermine a lot of this success by letting the government decide what to do with your estate. Think about it: you worked hard to build and protect your wealth. No matter what goals you set for the future, no financial plan is complete without a valid last will and testament. There is a laundry list of things to think about: RRSPs, investments, life insurance, and the list goes on. Having a financial plan in place for your future is an essential, but often overwhelming task.
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