Best Estate Planning Attorneys in Caledon, ON

Why 2024 Should Be the Year You Finally Make a Will Was making a Will (or updating a Will) on your list of New Year’s Resolutions? In the vast landscape of personal finance and estate planning, a surprising number of Canadians find themselves without a crucial document—the Last Will and Testament. A Will is one of the most powerful tools to secure the future and protect the legacy of your hard-earned wealth, or wealth you may have inherited from a prior generation – yet most of us don’t make it a priority. Why? In this blog post, we'll explore some common reasons behind this phenomenon and highlight why everyone, regardless of age or financial standing, should consider making a Will. 1. Misconceptions and Lack of Awareness: People generally may not fully understand the importance of having a Will. Some believe that it's a task reserved for the wealthy or the elderly and others simply “don’t care what happens once they die” – which in our respectful view is a naïve and sometimes detrimental understanding. The truth is, a Will is a critical document for individuals of all ages and financial backgrounds. It provides, at the very least, an appointed Estate Trustee (or Executor) who will have the authority administer your estate (including making funeral arrangements, paying your debts, and filing tax returns among other things) regardless of the significance of your assets.