June 2021 – Why do I need a Will?

Jon Glougie

June 8, 2021

Why do I need a Will?

If you’re like most people, you probably don’t like thinking about your mortality. It’s never a pleasant
subject, but it is an important, and often overlooked, tool that should be included in your financial plan.
What is a Will? Think of a Will as being your voice from beyond the grave. Essentially, a Will allows you
to determine who gets your stuff after you’ve passed away. If set up correctly, a Will can help provide a
smooth distribution of your assets to the beneficiaries that you had intended. But what happens if you
pass away without a Will? This is what is referred to as dying “intestate”. If somebody passes away
intestate, their assets will on longer necessarily be distributed as you would have wanted. Instead, the
government will distribute your assets using a pre-determined formula. As such, you may find that your
beneficiary(ies) will not receive the assets that you had intended. You may even find that family
heirlooms are sold, rather than passed on to the intended beneficiary(ies). There are several reasons
why you want to ensure that you have a Will, and that it is always kept up-to-date. Above all else, you
should ensure that your family is looked after, even when you’re not around.