Why a will should be part of your financial plan

We’re going to talk about wills this week. Yes, I know you probably don’t want to read about them because it means you’re going to die but guess what? You’re going to die anyway and when you’re single, you want to make sure the right people get your things and money, even if it’s just what’s in your bank account.

Why? Because you should have some say over how you want your assets distributed instead of letting the government formula figure it out. (Yes, there are government formulas for both Canada and the U.S. It varies by province and by state. Do your reading.)

I have a mostly complete will. It needs a couple signatures which I couldn’t get because pandemic. (Working on getting them now.) I’ve seen an uptick among my friends interested in getting wills so I reached out to a couple experts to ask them about why single people should have wills.

Wills, according to Robin Hammond, founder and sole proprietor of boutique firm, 12th Mile Law, are legal documents that determines who becomes your legal representative (estate trustee and executor) after you die. “It disposes of your property in the manner of your choosing,” she says, pointing out the freedom to give away your assets as you wish is, however, limited by law which may give people in certain relationships to you (i.e., married spouses, some family member dependents) a claim to part of your estate.