Will PowerCliff Broetz, CSA, Wealth Advisor
It’s Make a Will Week. How exciting huh? As if tax season wasn’t enough fun.
It remains remarkable to me that so many people have not bothered to make a will, or have not updated theirs to reflect changes in their situation. In our role as Financial Advisors, we have a duty to motivate our clients to completing this, obviously, important task. We are to be a catalyst in this. To that end, we have many suggestions, we are willing to sit with your lawyers and firms that can help. We are where we are supposed to be – with you for every money in motion life event or planning session with financial consequences. Our Advisory position goes far beyond the mere management of your investment plan.
The Will is the expression of a future tense. YOU have sole discretion over the distribution of your assets. And it is important to get proper counsel through a lawyer. Warren Buffet answers questions about his massive estate regarding the distribution of his assets going to his family, he states:
“I’ll give them enough to do something, but not enough to do nothing’”
Clearly, the Will needs to say more than that. For some embittered spouses a Will is a chance to insult their life partner one more time. In 1856, German Poet Heinrich (Henry) Heine, who left his estate to his wife, Matilda, and attached the condition that she remarry, so that “there will be at least one other man to regret my death”. OUCH. Wills also need professional review.
If you die without a Will in BC, the Wills, Estates and Succession Act (WESA) will control how your estate is distributed. Governments have far too much say about how to use our money when we’re alive, why would we want them to dictate its direction when we’re dead? Who do you want to be in control of this?
As part of our routine reviews we discuss the Will. It heartens me that our meetings have led many to getting a Will prepared, getting it updated or getting it thought of in a different light. People actually don’t plan to fail but often they fail to plan. Get up your will power and make it happen. We enclose an excellent article on this. And if your friends or family need a prompt in this direction, forward this to them please. Maybe we (and you) can be a catalyst in their lives too.
Content in the link is from a source that Precision Wealth Management is not directly affiliated with, however, we find the content timely and important.
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