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Gabriel Lalonde
June 30, 2021

Preparing a Will: Where to Start?

Having a will is a critical part of your estate plan and overall financial wellness. Not only does it prepare your family for the difficult decisions that must be made upon your passing, but it also gives you and your family peace of mind that your loved ones and your assets will be taken care of according to your wishes.

There are many important roles that you may need to fill when creating your will. Deciding who these people are in advance will make drafting your will a breeze!

Start with identifying the key people involved, such as:

• The Executor and Estate Trustee: This person executes the wishes in your will, distributes funds to your beneficiaries, and can act on behalf of your business and financial interests.

• Emergency Financial Representative: This person will make decisions about your property and finances if you are medically unable to do so yourself.

• Emergency Medical Care Representative: A spouse, relative, or close friend with good judgement, this person will be the voice of your medical decisions if you are unable to communicate.

• Guardian(s) and Trusts: If you have any dependents such as children or pets, the guardian is the person who will take care of them if you and your spouse pass away.

• Choose two witnesses: Your witnesses can be any two adults: friends, neighbours, or co-workers. The witness can’t be a beneficiary of the will, the spouse of a beneficiary or a minor.

• Choose Backups: Specifying backups will give you peace of mind, your initial choice may refuse the task, or be unable to act for other reasons, which is why it’s important to have a plan B.

There are also different options available when it comes to distributing and dividing your estate.

You may want to include multiple beneficiaries such as family members or close friends. You also have the option of leaving your estate to a surviving spouse. If both you and your partner were to pass away, you can add more beneficiaries.

Of course, if you have children, you can also choose to leave your estate to them.

Other steps to consider when preparing your will may include, for example, the location of your final resting place and the type of ceremony you would like to have. Or again, identifying significant pieces of property or monetary amounts such as cash, jewelry or family heirlooms that are gifted to individuals upon your passing.

The list goes on!

This can seem quite overwhelming at first, and we often hear that preparing a will can be expensive, time-consuming, and challenging. However, there are great tools available to anyone who wish to make this process easier and more affordable. That’s why MDL Financial Group has partnered with Willful, a digital estate planning company, to offer special discounts to our clients on preparing their will.

With Willful, you can complete your will and power of attorney documents online at a fraction of the cost of visiting a lawyer. All of the Willful legal documents are created by provincial estate lawyers, ensuring all of your documents are legally valid and that they abide by the required laws and legislation in your province.

Plans start at $99 and include lifetime changes to ensure your will is a living, breathing document that is updated alongside important life changes such as marriage, buying a house, or retirement. The process guides you through the important decisions you need to make and takes as little as 20 minutes to complete.

If you are interested in this offer, simply use the code “ MDLWILLY4YOU ” when checking out and get a 15% discount!

In the meantime, don’t hesitate to reach out if you have any questions or would like to discuss how Willful and an estate plan fits into your financial goals.

Gab

About Gabriel Lalonde, CFEI

When Gabriel is not crunching numbers, you can find him accompanied by his beautiful wife Ana and son Théo, either on the golf course in the summer or the ski slopes in the winter. His dream has always been to take over the family business as he saw first hand how much impact his father had on shaping peoples lives and creating long lasting legacies. Gabriel has a true passion for financial literacy and he believes everyone should have access to solid financial education.

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