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Planning out what will happen to all of your assets when you pass away is essential. While it may not be something that many of us look forward to, it is a necessity that will ensure all of our wishes are met and all of our beneficiaries receive precisely what we wish for them.
Will and estate planning creates legally binding documents that can give you the peace of mind that everything will be carried out as you have planned, even when you aren’t here to make those critical decisions for yourself.
It can be challenging to know where to start when looking into writing your will and planning your estate. You can make things as straightforward or as complicated as you like. Whether you choose to create a will yourself, using an at-home will kit, or if you decide to hire a lawyer to draft up your estate plans, here are some important tips that you should keep in mind:
We all hope to live forever, but unfortunately everyone’s time is finite. Since we never know when the day will come, we must ensure that all of our affairs are in order well in advance. Too often, people wait until it is too late, leaving their family with the stress and burden of having to sort out their affairs through lengthy legal processes. When this happens, not only does it burden your loved ones, it also doesn’t take your wishes directly into consideration, leaving the important decisions about your possessions up to someone else.
Your estate representative is the person who will take care of handling your will and the entirety of your estate after you pass away. Naming your estate representative will allow you to select someone that you trust to handle all of your affairs instead of leaving everything in the hands of the courts or a stranger.
Once you have planned out your will and estate, it can be very beneficial to sit down with your family and explain exactly what your final wishes are. This allows you to define your decisions and answer any questions. It also ensures that there aren't any surprises and everyone knows what to expect after you are gone.
Many people create a will and then never look at it again. Years go by, situations change, and yet their will stays the exact same. Reviewing all of your documents regularly can help remind you of what's written in your will and allow you to make the appropriate changes as your assets grow and change. Having a will that's not current and up-to-date is like not having a will at all.
How can a reverse mortgage be beneficial when planning your will and estate?
A reverse mortgage can be a very beneficial tool when planning out your will and estate. First and foremost, unlocking some of the equity you’ve built in your home means that you could begin the process of transferring wealth to your loved ones while you’re still alive to see them benefit. This also enables you to direct the funds from your estate directly, rather than relying on a third party to do it for you.
Many Canadian seniors are beginning to see the advantages of not waiting until they pass on to begin helping their loved ones. The concept of a “living inheritance” is becoming more and more common.
If you are considering taking advantage of a reverse mortgage to assist in your will and estate planning, here are a few essential facts that you should be aware of:
If you meet these qualifications, then a reverse mortgage may be the solution that you have been seeking. A reverse mortgage could allow you begin the transfer of your wealth to your loved ones, while enabling you to remain in the home you love for as long as you wish.
For more information on reverse mortgages and to find out if you qualify, contact us today.
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