WHAT IS THE PURPOSE OF A WILL – VIDEO TRANSCRIPT
1 min 47 sec
I have been asked what the purpose of drawing a will is. Essentially what you’re doing is, you’re giving instructions as to what you want done and who you want to do it in the event that you meet an untimely end. None of us really plans for the long view. We need to think about what happens if unexpectedly, we’re gone.
The preparation of a will isn’t really so much for your benefit as it is for those you leave behind. It helps you to; clarify your wishes, to simplify the administration of your estate, and probably most importantly to avoid conflicts between your loved ones.
The sorts of things that you’re going to deal with in a will are different assets that you may own, your property. These can include your bank accounts; investments such as RRSPs, GICs, tax free savings accounts; your prized possessions. For many of us now with websites and domain names, our digital assets. For some, real estate. Some of these assets we can leave outside of the operation of a will by creating designated beneficiaries, but most of them are much more simple, much more straightforward if we’ve drawn a will.
The will also gives someone the authority to deal with your liabilities; bank loans, outstanding credit cards, and things of that sort.
So, do you need to have a will? I would say; absolutely. You can’t know when the time will come.