A Time to Consider Worthy Bequests
November is a month of opportunities and awareness for many worthy organizations. Concurrently, the Ontario Bar Association runs an awareness campaign about estate planning every November.
If you don’t yet have a will, you are not alone. According to surveys, nearly 65% of Canadians don’t make a will or do not have an up-to-date will. We would not be surprised if this number was found to be lower next year, as our estates planning partners anecdotally report that the current coronavirus pandemic has spurred many people into action regarding their estate planning.
Many famous people have died without a will, which complicates the administration of their estates. For instance, the musician Prince died without a will and three years later, his relatives were still fighting about his estate. Pablo Picasso also died without a will; it took six years to settle his substantial estate at a reported cost of $30 million. Howard Hughes’ will was discovered to be a forgery and his estate was split on intestacy between 22 relatives. More recently, Aretha Franklin died without leaving a will.
Not having a will is a missed opportunity to dispose of your assets the way you wish and especially, to include important bequests to your favourite charities. Having a will properly drafted by an experienced estates planning lawyer is important, as it can foreclose future litigation.
Why wait? Consult with an estates planning lawyer today.