It’s not just celebrities who pass away without leaving a will – unfortunately, many Canadians do it too. Kim Parlee explains the importance of having a will and avoiding leaving your estate, heirs and even your children in limbo.
- We're often surprised when we hear about celebrities worth millions dying without a will. The truth is, it's far too common a problem. Too many Canadians die without one, leaving heirs and assets in limbo. So here are some reasons why it's better to be prepared than sorry when it comes to your will.
First, when you have a will, you choose who you want to oversee your estate. But without one, the court will be the one who decides, and you may not like that so much. Second, you say who inherits your stuff instead of risking your heirs fighting over who gets to have that oil painting your grandmother gave you. And third, if you have kids, you can announce to the world who you wish to take care of your children.
Bottom line, don't be willfully negligent. Talk to a professional about getting your affairs in order sooner rather than later. I'm Kim Parlee and that's your Money Talk.