Where there’s a will

What’s that expression? Where there’s a will, there’s a relative. Having a will is something LOML and I got shamed into many, many years ago. The lawyer we had chosen to close our first home purchase suggested that if we were old enough to buy a house, we should be wise and protect our family. As it turned out, he was an unpleasant and unscrupulous man who wrote himself into our will as our executor, a beneficiary and gave himself power of attorney over our so-called estate. It didn’t take long to wise-up and find a new attorney.

With our new attorney’s guidance, we rewrote our wills and are living happily ever after. We live the dream. Our experience with a criminal mind, who just happened to be our legal representative at the time, is another story. My point here is— and I do have a point—anyone who is old enough to know better should have a last will and testament. Please note, I’m not talking about using some generic program you buy online or you pick up at a Bellevegas mega-retailer.

If you’ve got a will, and it has been done up right, read on—you might learn something new. Or you could go clean out that sock drawer. Your choice. For those of you who don’t have a will, and you just happen to be old enough to know better, what the heck are you thinking? Even if you live in your parents’ basement, your mom still does your laundry and packs your lunch, you must care about who gets the PlayStation 4 or the Xbox One. Surely you don’t want your parents to make that decision for you? Heck, perhaps you’ve got some money in your savings account, or collectibles that are worth something. With a will, you get to decide how your estate is distributed. And, yes, the gaming system, the collectibles and the savings account are part of your estate. Having a will lets you decide who gets your stuff.

For LOML and I, the most important part of that first will was to ensure our children were cared for after our deaths. If we had both died at the same time, without a will, the province would have stepped in and made a decision about our children. At the time, we had mistakenly assumed our parents would, naturally, have custody of the little darlings. That made sense to us. But naturally, sensibly and legally don’t exist in a symbiotic relationship. Since we didn’t have any money hidden away in secret bank accounts or loot tied up in stocks and bonds, we just figured a will was an unnecessary expense, a bit like granite countertops on an Arborite budget. But we (and the bank) had our house. We each had life insurance policies. We had some jewellery and we had lots of furniture. And at the time we had children who couldn’t manage on their own. The first will provided for our children the right way, ensuring their guardianship and continued care. We deliberately chose people who had enough money and love to make sure the kids got more than a peanut butter sandwich in their lunchbox and a pat on the back when they finished grade school.

After the disastrous encounter with Mr. Moneygrabber, we found a lawyer we trusted. He helped us re-write our wills, and encouraged us to update the documents every five years. He explained about the probate process, how to minimize estate taxes and how to make gifts and donations. We made sure the ugly lamp was going to the nightstand of our favourite family member.

Tomorrow isn’t a promise. Death is inevitable. Having a will, in our minds, is a necessity.

theresa@wellingtontimes.ca