You may not have thought about your last will and testament, but at least you’ve thought about what happens after you die. What I mean is what happens to your things, your body and your loved ones. Not if you hit the right spot, the wrong spot, or you just push the daisies. You’re young, but you still need to plan what will happen to your social media accounts, your cryptocurrencies, your pets, your car, and everything else. Crazy, right? Time for Will and relaxation.
A last will and testament are not difficult to obtain. There are online platforms like Epilogue so you don’t have to find a lawyer or take time off from work or school to plan your estate. Without a Last Will and Testament, survivors could face unnecessary stress, mess and time in provincial court. Additionally, Last Will and Testament is a great way to guide people from beyond the grave; I’m deadly serious. So let’s talk about what a Last Will and Testament is, why anyone over 18 needs them, and how to get one without breaking the bank.
What is a last will and testament?
A last will and testament is a legal document that tells everyone how you want your estate to be divided among your beneficiaries. If you’re new here, “wealth” means all the money, property, and other things you own that have financial and sentimental value. This also includes any liabilities you may have, such as debt and taxes owed. A last will and testament usually includes detailed instructions about almost anything you want, such as who will care for any minor children, how to handle your remains, what will happen to your Facebook profile, or who will receive the keys to your cryptocurrency.
But who really takes care of all this? Well, you appoint someone you trust to be the executor of your will. The executor is responsible for collecting all of your assets, settling your liabilities, distributing anything left over to your named beneficiaries, and ensuring that your wishes are carried out according to your instructions. You can choose an Executor, which can be one person, multiple people, or even a trust company.
The word “last” in your Last Will and Testament refers to the most recent version of your Will. This is because your Will is not something one-time and engraved on a tombstone forever. You can and should update your will quite often. In general, it’s a good idea to update your Last Will and Testament every five years or so to make sure they accurately reflect your current situation and wishes. You should also update it right away at any time:
- The union becomes customary law
- You’re getting married
- You have a child
- You are getting a divorce or planning a divorce
- You’re getting married again
- Your financial situation is changing
- Your personal relationships change
- You are starting a business
- You are buying or selling real estate
Why do I need a Last Will and Testament?
There is a lot of conflicting advice about who really needs a Last Will and Testament and who can get by without one. However, these arguments largely focus on, among other things, whether a person has a spouse, children, assets or positive net worth. There is so much more to your situation and circumstances than just money and snacks.
It doesn’t matter if you’re a joke gone wrong, a parent with young or adult humans, or Kevin O’Leary with piles on deck, you need a will. Even if you don’t have assets and no children, a Last Will and Testament can help your beneficiaries access certain tax benefits! It can at least provide guidance on funeral arrangements and what to do with internal organs.
Here are the top 5 reasons why you need a Last Will and Testament:
1. To decide after death
In your last will and testament, you can include clear instructions about who receives what and how much. Do you have assets such as investment accounts, real estate, a vintage car, or a collection of mint Pokemon cards? You can decide who receives what, how much and when. You can also mark everyone and donate everything to charity. You can even decide who gets sweet little Penny, your adorable Labradoodle, and who gets access to digital content like your Facebook account and that super-secret cryptocurrency wallet. Guess what? You can even disinherit people, which means you can prevent certain people from taking over your estate! You can decide and cast a shadow on the great concert in the sky.
2. To take care of your children, parents or pet
A Last Will and Testament is especially important if you have children under 18 or other dependents. You can leave clear instructions about who will look after them, who will manage their financial assets such as estate or trust accounts, and when they can access these assets. You can also decide how you want to provide care for your dependents. You can also specify certain conditions, e.g. a ban on separating children, an obligation to remain in the current school or other requirements. This becomes more important when you are responsible for a person with limited abilities or an elderly parent.
If you and your partner are traveling together and die, say in a car accident, or you are a single parent, your children may end up in foster care or with a relative, leaving you spinning in your grave. How traumatic! Thanks to your last will and testament, you decide who will raise your children and how exactly their estate will be managed. This applies to any living thing you care for: a dog, a cat, a fish, a cactus collection, etc.
3. May everyone have peace
Dying without a last will and testament is called dying “intestate,” which means that the provincial government decides who will manage your estate and how it will be managed. They have to look carefully at your situation as part of a process called “probation,” and they’re not known for being quick or economical about anything. This can cause a lot of stress, money and heartache for your family during an already traumatic time. Not to mention that if a dispute or legal battle breaks out, which in fact often happens, things get even slower, more expensive, and damn stressful. It won’t matter if your loved ones know what you really wanted. The government will just shrug and say #WillOrItDidntHappen.
4. To honor the people you love
If you die without a last will and testament, the provincial government will decide how to deal with your estate. Don’t they already have enough control? The legal formula is used and applied unfairly to everyone equally; they are not interested in the nature of your relationship. Your wealth or Pokemon card collection may end up in the hands of your ex-spouse or cousin you kicked out 10 years ago. Additionally, did you know that a cohabitant does not have the same rights to your property as a married spouse? True story. A Last Will and Testament honors the people you love most by making sure they get exactly what you want.
5. To maintain control over your body
Your body, your choice in life and death. That’s right, you can leave specific instructions on how you want your body to be treated after biting the dust. Would you like to be buried next to your beloved great-grandmother? Cremated? Were your ashes launched into space or turned into a diamond? You can donate your body to science or your organs to save lives. Heck, you can even ask to have your body cryogenically frozen so that you can return in 30 years as an International Man of Mystery. The point is that the Last Will and Testament gives you control over your own body when you literally can no longer speak for yourself.
How to obtain a last will and testament?
Now that you agree that you need a probate, you may still feel anxious about the process. Obtaining a Last Will and Testament used to be an expensive slog, but it’s not anymore, it’s old school. With Epilogue you can pay for legal fees quickly, easily and without selling your immortal soul. How? Epilogue is an online estate planning service created by real estate attorneys. They operate in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Saskatchewan and PEI. They know these things like the back of their hand. They also have families of their own, so they understand what is important and understand all the little details that need to be taken into account.
If you would rather die than talk to someone in real life, don’t worry, everything is digital. With no expensive overhead costs, Epilogue can pass the savings on to you. Plus, it’s super fast. In three simple steps you will receive a personalized and legally binding last will and testament. Simply answer a few questions about your situation and what you want, review your custom will, and follow the signing instructions. Boom. Now you have a legal Last Will and Testament. The only thing you don’t have is a big bill and a killer headache.
