The Globe and Mail
Half of Canadians are making this unforgiveable money mistake – If you don’t have a will, make getting one your No. 1 personal finance project for the rest of 2017.
One of the great mysteries of personal finance is why so many people fail to have a will drawn up. Fail is exactly the right word here. Epic fail.
The latest evidence of this behaviour comes in a poll from Toronto-Dominion Bank that suggests half of Canadians don’t have a will. Almost 30 per cent of those who lack a will are between the ages of 53 and 71, an age range when people may have accumulated significant assets. Without a will, your assets are distributed according to a formula that varies by province. You would have no say in how much your spouse or children get.
If you don’t have a will, make getting one your No. 1 personal finance project for the remainder of 2017. A 2015 fee survey from Canadian Lawyer Magazine says simple wills cost $441 on average, while complex wills for a couple averaged $1,357. For most people, the time of life to start thinking about a will is when they have kids. Update the will as you get older to reflect the changing needs of your children and the assets you’ve accumulated.
Source: https://www.theglobeandmail.com/…