Kicking the bucket is not a topic many of us like to think or talk about. There have been a number of serious health scares in my family recently though, and it’s forced me to think about planning for when it’s time to go. One of the most important elements of that plan is having a will. It may seem like no biggie, but it is. Here are a few reasons why it’s so important to have one.

A will makes sure the right people get your stuff.

Estate law can be complicated, and if you don’t have a will, your stuff may not go where you thought it would. For example, in Ontario, if you and your partner are common-law, but not formally married, your partner doesn’t automatically receive all of your assets when you die. This is just one example, but it illustrates the point. A will is literally called that because it represents your dying will and wishes. Without it, you’re rolling the dice.

This is especially important if there are specific items that you want to gift to certain family members. Say for example that you have a rare and valuable guitar, but your spouse and kids don’t play. Maybe you want to gift it to a niece or nephew who you know would appreciate it.

Another example is if you wanted to leave a portion of your assets to a charity that you love to support. Guess what? That kind of thing isn’t possible without a will. Unless you specify those details in a legal will, any charities that you might have supported throughout your life will be entitled to nothing.

It also outlines who will divvy up your estate.

Another important thing a will does is to specify who is responsible for dividing up and distributing the assets of your estate. If you die without a will that names this person, the matter could end up going to a judge to determine.

Not only could this wind up causing in-fighting among your family members, but it could also end up that this burden goes to crazy cousin Eddie – the last person in your family you’d want to trust with this responsibility. If you want to avoid that, then it’s important to get a will set up before you die!

Without a will, you’ll pay more taxes on your estate.

It’s been said that the only two things that are inevitable in life are death and taxes… and that’s true even after you die. But you can greatly reduce the amount of tax paid on your estate by having a will that names beneficiaries, especially for investments and insurance policies. Doing this can save tens of thousands of dollars in taxes when you die… and you can get a will set up for under $1,000.

It also specifies what to do with your body.

Do you want to be buried? Cremated? Fed to your cats? Well, no promises on that last one, but your will is the place where you tell your loved ones what to do with you after you go. Having clear instructions on this makes life much easier for your family when they’re planning your funeral arrangements.

Wrapping it Up

It’s so tempting to think to yourself “Hey, I have time,” especially when you’re younger. But the reality is that none of us know when our time is up on this planet. One glance at the atrocities reported in the news these days make that much crystal-clear. That’s why it’s so important to live every day with gratitude, and also why it’s so important to get a will set up now, not later. It’s the kindest thing you can do for your loved ones, and trust me when I say that they’ll thank you for it later.