If you’re one of the 51% of Canadians who think a will is only for the uber-wealthy, think again. If you own a property and have a spouse or family, you have something worth creating a will for. We’ve rounded up all the reasons why creating a will is a part of real estate investing basics 101.
Make Your Final Wishes Known
You may think your spouse, partner, or children know what your final wishes are without a will. If there’s no plan in writing, however, they may have no idea what should be done after you’ve gone. A will can ensure that your final wishes for your property, investments, and belongings are known.
Creating a will after you invest in real estate tells your loved ones or business partners what will happen after your passing. This leaves nothing for your family to decide without you.
Prevent Family Disagreements
After a loved one passes family disagreements over property, investments, and money often occur. When there’s a will, there’s a lot less room for arguments. You’ve already settled which family members inherit certain property or what assets you’d like sold.
Without a will, you may have siblings fighting over taxes, property, or spouses disagreeing with how money is handled. This can get even more complicated when you’ve been married and divorced or have children with other partners.
To keep things simple, speak with us about a will for your property and investments. You can rest easier knowing your wishes are clear and there’s no need for your family to argue during an already difficult time.
Get Your Business Affairs in Order
If you own a commercial building, a rental property, or property that you use for business, a will is also a great way to get your business affairs in order. Your spouse, children, and business partners will have clear direction from you about what happens after your passing.
Without a will, your business partners and family are forced into negotiations and potential conflict over what to do. If you’re older and near retirement, you’re likely already making plans for the next phase in your life.
Unfortunately, unexpected death or illness can strike even when you’re in the middle of your career. If you haven’t had these tough conversations with your partners, employees, and family, now is the time to make a plan for your will.
Give Directions While You’re Still Living
A will allows you to have a discussion with your spouse, partner, and children before you pass away. You’re able to have the hard talk about what should happen after you’ve gone while you’re still able to have it.
One of the best parts about working on your will earlier is that there are no surprises. Your family knows exactly who inherits a certain property or fund. They also know your wishes for end-of-life care and even funeral arrangements.
Real Estate Investing Basics 101
A key part of understanding real estate investing basics is knowing how to protect your assets even after you’re gone. Without a will, your property could be taken, fought over by family, or even sold without your permission. This is why having a will is so important.
If you’re ready to start on your will, fill out the contact form here. We’ll make sure your assets and family are taken care of now and in the future.