Three Reasons to Speak to an Advisor When Planning Your Will

By Will Power

What comes to mind when you think about your Will? Your first thought may be about what you will leave behind for your loved ones. But a Will can be so much more than that. It can be a love letter to your family and a roadmap for how you want to be remembered, the values you want to pass on, and the difference you want to make in this world.

Your Will may be the most important document you will ever write. And that probably makes it feel like a daunting task, making you wonder whether you want to take on the job at all. However, writing your Will does not have to be that difficult.

The good news is that you can turn to financial and legal advisors (many of whom offer free consultations!) to guide you through the process and help you get the most out of your Will. Leaning on a trusted professional will get you expert advice and a fast track to key decisions around creating your legacy.

Here are three key benefits to talking to an advisor when planning your Will:

1) Making smart financial decisions. You may not be aware of all the benefits that planning your future finances (otherwise known as estate planning) can bring. For example, did you know that your estate is likely to receive a hefty tax bill when you pass? And that making a charitable gift from your estate can often reduce, and sometimes eliminate, the taxes to be paid? Working with a financial advisor to plan your estate before writing your Will is a smart way to maximize what you leave for your loved ones and favourite causes.

2) Making the process less daunting. If you’ve been delaying the process because you don’t know where to start, an advisor will break it down for you. Most legal advisors will start with a questionnaire to get a sense of your family situation, your financial assets, what you want to accomplish with your Will, and more. They’ll cover all the bases and then, in conversation with you, create a Will that you can (and should) update throughout your life as your circumstances change.

3) Looking after details and logistics. You may wonder if you need to create supplementary documents like a Power of Attorney, or if you need a witness and who that would be, or if your Will should be registered and where it should be stored. A legal advisor can guide you through this process and take care of all the logistics so you don’t have to.

There are many reasons to work with an advisor to create a powerful legacy that you can be proud of. These are only a few. If you’re looking for an advisor in your area you can use Will Power’s financial advisor finder or legal advisor finder tool.