3 Reasons to Participate in ‘Make a Will Month’
Are you one of the many Canadians without an up-to-date Will?
Throughout the month of November, our Alzheimer Society team will be sharing tips and resources, encouraging our community to ensure their legacy is preserved through an updated Will that reflects their values and goals.
To begin, let’s clarify something: What is a Will?
A Will is an extremely important document that protects those you care about, gives you control, and a peace of mind. According to our friends at RBC, a Will is an estate planning tool that “can be considered the guiding legal document in the administration of an estate, in which individuals express their wishes as to how property and possessions are to be distributed at death”.
A Will should be updated periodically throughout life to make sure that it still reflects your current life situation and desires.
Other important legal documents include Powers of Attorney for Property and for Personal Care.
A common myth about Wills:
The experts at RBC also note that one of the reasons people don’t make or update their Wills is that they incorrectly believe everything will just pass to their spouse upon their death. This is not necessarily the case!
“Many individuals unfortunately make the assumption that if they were to pass away without a Will, their estate would pass to their spouse. The reality, however, is that those who pass away without a Will are said to have died ‘intestate’,” explains RBC.
“In simple terms, dying intestate generally means your estate will be administered pursuant to the provincial or territorial intestate legislation based on where the individual resided at death. Each province and territory has intestacy laws that define the estate’s beneficiaries and their estate entitlement. In other words, for those who either don’t have a Will or have one that’s outdated, all of the time, resources, work and planning to build and preserve an individual’s wealth can quickly unravel, negatively impacting the intended wealth legacy and potentially leaving a strain on family and loved ones.”
Reason #1: To Take Care of Your Loved Ones
Having a Will allows you to ensure that all that you worked so hard to create during your life will be put to good use taking care of those who are most dear to you.
Reason #2: To Leave a Lasting Legacy through Charitable Giving
In life, it can be difficult to support the causes you are passionate about. After all, we must balance our charitable donations with our expenses, and other financial considerations.
But did you know that there is a way to make an incredibly-impactful gift through your Will? This is called a “bequest”.
Receiving a bequest can be life-changing for a local charity, and can create a positive impact that will be felt throuhgout your community, addressing an issue that you are most passionate about.
If you feel strongly about providing support and care to people living with dementia and their families, we would be honoured to speak with you about options for making a bequest to our local Alzheimer Society in your Will.
You could click here for more information, or call or email any of our wonderful staff listed below to request more details:
Brantford: Sue Arsenault 519-759-7692 email@example.com
Haldimand Norfolk: Alison MacKenzie 519-428-7771 firstname.lastname@example.org
Hamilton: Dawn Vince 905-529-7030 email@example.com
Halton: Catherine Pegg 289-837-2310 firstname.lastname@example.org
Reason #3: To Give Yourself Peace of Mind
Once again, you have worked so hard for so long, fulfilling your responsibilities, making contributions to your community, and being there for others. Making or updating your Will can help you relax and enjoy the fruits of your labour, knowing that your wishes will be fulfilled at the end of life.
Being present is the ultimate gift you can give yourself and your loved ones, and having a correct Will will help you be present and enjoy life in the moment, knowing that the future is secure.