Planning your estate matters is much more important than just having a will. A well-thought-out estate plan ensures that your family is cared for should something happen to you. It also ensures your family members receive your assets as quickly and as cost-effectively as possible.
Many Canadian’s assume that estate planning is only for the rich, but for smaller estates, the costs to create a plan far outweigh the costs incurred after the fact. Canadian’s who don’t have a will are then relying on the province to decide how the estate assets are to be distributed and this can cause additional heartache amongst friends and family members. Although your estate plan can be hard because it requires facing your own mortality, it does make sense to seek professional advice. Remember that the more preparation that can be done in advance will cost less in the long run, allowing for more wealth to be passed down to your heirs.