Life is busy and getting your affairs in order by completing Wills, Powers of Attorney, and other estate planning documents (if necessary) can be one of those items on the eternal “to do” list that often never gets done. But I have the secret to getting your Will done – fast!
What’s my secret? Plan a vacation.
Nothing makes people more inclined to get things in order than a vacation looming in the not-so-distant future. We prepare and make lists and get things done.
Then worry that we left the stove on or the garage door open even after we make our departure. But what about if something happens to you while you are away? What would happen to your children, to your spouse, to your assets?
Statistics on who does and does not have a Will are hard to come by, but it is estimated that less than half of all adults have a Will or any estate planning documents.
I often get calls from people who want to come in and get their documents completed before their vacation. That is great and I’m glad to help, but if your vacation starts in a couple of days, it may be too late.
So, in addition to getting your passport renewed or buying a new suitcase, here are a couple of other things you need to do before going on vacation this summer:
- Complete your Will. This is essential for parents, as a Will is the only way in Ontario you can legally name who will care for your children in the event you and their other parent pass away;
- Complete your Powers of Attorney for Property and for Personal Care so your family knows who is to make decisions if you can’t make them yourself; and,
- Make sure that you have the proper financial support in place so that your family and/or your business will be taken care of if something happens to you. Most of the time this comes in the form of life insurance, but this may not be the case, depending on your personal situation.
Get all these things done before heading out on your vacation so you can have peace-of-mind that things are taken care of.
I must credit a colleague of mine for the inspiration for this article. The original article by Michael Licterman appears here http://www.lichtermanlaw.com/index.php/vacation-estate-planning/.
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Michele R.J. Allinotte is the owner of Allinotte Law Office Professional Corporation in Cornwall, Ontario and she helps her clients make the best decisions for themselves, their families and their businesses. Her practice focuses on the areas of business law, estate planning and real estate. Visit www.YourCornwallLawyer.com to get her FREE Peace of Mind Personal Inventory to make sure that your family has all the information they need.