Myths About Wills and Testament
posted on November 15, 2017
Not having a plan for your estate is one of the worst things you can leave to your loved ones. Usually, this will lead to fights and this could end up making your loved ones not talk to one another for the rest of their lives. There seems to be a lot of misunderstanding about wills and the importance of them. In this article, they go over some misconceptions from the general public.
- Modern wills cover physical/health issues as well as financial ones.
- Without a will, the government would seize all the possessions.
- My advice? Give it all away pre-mortem to avoid lengthy probate time.
- Anything written anywhere as a wish upon dying is considered a will unless superseded by a legal document.
- Don’t let your children know they have power of attorney if you have chosen that in your will.
To read more information about these myths, click here.
How to choose an executor: RBC Wealth Management
When it comes to choosing an executor, it is important to think with your head instead of you heart. While it is natural to want to give the power to all three of your children, or your spouse, giving these people this power can backfire and lead to considerable upset later on. It is also important to honestly consider the financial literacy of the person that you choose to be your executor. Make sure that they have their own financial affairs in order and has been proven to be very attentive to details. Ensuring as well that they are able...