The importance of having a will
4. Ask for professional help
As for do-it-yourself will kits, they seem like a cheap alternative but they’re not comprehensive. “Most people will look at the blank form and still not understand the important questions that have to be asked, issues like income tax, probate tax, family law and real estate law,” says Olkovich. “People don’t have the right information, and no kit will explain that.”
If both parents die without a will or an established guardian, in most jurisdictions the court will step in and appoint a guardian. Your assets will be liquidated and no trusts can be set up for your children. It’s complicated and expensive.
So when the time comes to make your will, be open about it. “Tell your children as much as possible about what’s in the will,” says Somers. “And if you can’t, write down the rationale for your decisions. It’s your final word to your children. It’s the last thing they will hear from you. How do you want to leave them?”
My grandmother’s money and jewelry were allocated in her will, but she asked all of us to tape our names on the pictures and belongings we wanted in her house. It made all of us squirm at the time, but I see the wisdom in it now. It could have saved a bitter battle over a stack of old and well-loved recipe cards.
Karen Horsman is a broadcaster in Toronto.
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