Is he still going on about that? you may ask. Yes he is and you’ll see why when you look at the stats below. Feel free to dismiss my post as a retired gent’s preoccupation with the end of life . . . or view it as a nudge towards something that refuses to go away. Would you believe that half of Canadians (51%) have no formalized plan for their assets should they die intestate, while another 15 per cent have a will in place that is outdated? This chart shows percentages by age groups.[1]
The Financial Consumer Agency of Canada spells out the basics, “A will is a legal document that says how you want your estate to be divided once you die. Your estate includes what you own (called assets) and what you owe (called liabilities). An up-to-date will [guide] your estate representative (called executor) deal with your estate (your belonging) when you die.
You’re not legally required to prepare a will. However, if you don’t have a will (called intestate), the laws in your province or territory will determine how your estate is divided (meaning that a court-appointed stranger will do it on your behalf, for a fee).” [2] To see what could happen when someone in the U.S. dies without a will, go here.
Someone wrote that “Amy Winehouse, Barry White, Jimi Hendrix, Sonny Bono, and Bob Marley would make a terrific band” for they died without leaving a will. What a mess.[3] An acquaintance told me about the “utter chaos” she faced following the death of her husband of 36 years. “During all our time together he looked after the finances, paid the bills, kept records, paid the taxes, invested our money. With retirement he became a full-time day trader, playing the stock market from home. It was his passion and he was good at it. I know next to nothing about all that: he left no passwords or paperwork, nothing. I’m frightened about my financial future.”
From The Globe & Mail: The widow of a multi-millionaire husband who’d died suddenly on their honeymoon relates how she was bombarded with a thousand questions about what turned out to be her husband’s questionable BitCoin dealings. And all this while in shock and grieving.
“Where’s the money? … The hot wallets? … Gerry’s safe? … Did he have a safe? … Did you get the email he promised? … Who’s his lawyers? You need to contact his lawyer…. Where’s the money? We need the money. …Was there a will? You’re the executor … Open casket? Closed casket? … Have you got a lawyer? … Where’s his laptop? … The safe isn’t where you said it was! … What about the [million-dollar] cheque? … Did you find the cold storage yet? … The safe in the basement? You must know the codes … Think! … Where’s the money?”[4]
Over to you.
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[1] Angus Reid Institute [2] Reprinted with minor changes. [3] Six consequences of dying intestate in Canada.” [4] Excerpt from Bitcoin widow: love, betrayal, and the missing millions by Jennifer Robinson with Stephen Kimber ©2022 HarperCollins Publisher. All rights reserved. Reprinted in: The Globe & Mail, January 15, 2022, B7. There’s also a podcast.
Fortunately, I have made a will and appointed an executor. Not the most comfortable conversation I had with my children, but necessary. Your writings have helped me as I come to grips with aging and how best to navigate the changes and challenges that aging brings.
Thanks WK
Thanks for the nudge. I will get it updated this week.
We use legalwills.ca. it is easy, reasonable and it’s done (probably many other online will offerings as well). Years ago, I helped a man I was doing some paperwork for write up a will. he had no will and was concerned about that, so I suggested we get something down in writing, until he would get around to doing something more official. Well, a few years later he died. That was the only will he had. I was contacted by his lawyer and even though the handwritten will didn’t have the proper number of signatures/witnesses, he felt that it would hold up in court (I just had to sign an affidavit) and that this man’s wishes would be honoured. Thank you Peter for giving us that nudge to just get it done!