The will, a delicate but essential subject
Conversations about money are often surrounded by discomforts that are difficult to verbalize. The subject of the will can cause ultimate uneasiness in family financial discussions, as it evokes a negative possibility. As a result, its writing or updating is often the subject of procrastination.
The source of the discomfort
Several factors may explain the difficulty in discussing the subject of his will with those close to him. Fear of creating a feeling of injustice, a desire to restore fairness or to prioritize a child are among the reasons often cited. "Discussing a protection mandate or a will with our loved ones also obliges us to discuss illness and death with them," notes Angela Iermieri, financial planner at Desjardins.
Discussions to have as a family
The vagaries of life and the fact that each child has different needs can sometimes create a headache for parents. The latter fear the discomfort and post-mortem conflicts within their families. Some even have the content of their will read to their children before having it certified by a notary.
Before working out the final details of your mandate and will, you should discuss them with those close to you. “We want to avoid surprises,” explains Angela. It is convenient and reassuring for relatives to know the last wishes and terms of the succession of their parents, as well as the person they have appointed as liquidator. "
Know your assets well
Taking an inventory of your goods and documenting your process is an essential step. It is also recommended that you make sure that your loved ones have all the information necessary to liquidate your estate. Make sure to include supporting documents, such as your birth and marriage certificates or your divorce certificate, your prerequisite funeral arrangement invoices, a copy of your notarial will, etc.
“To make it easier for the heirs, I always advise people to prepare a document, such as an inventory of their property, containing all of their financial information,” says Angela. For example, details about the insurance policies they hold, including company name, policy number, amount purchased, name of beneficiary, name and contact details of the advisor responsible for the case, etc. "
"We know that a lack of planning can have tax implications for heirs," Angela recalls. Upon death, all property is deemed to be sold, and the tax bill may reduce the net value of the transferred assets. Estate planning and a notarial will will not only allow you to make adequate bequests according to your wishes, but also to avoid emotional and financial stress that they will especially not need on your loved ones. "
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