Please welcome guest blogger Laroux Peoples LLB, who is here to give us the ins and outs on wills and estate planning for young parents. Laroux is a local mom and lawyer whose practice focusses on wills and estates. She offers in home services, which are ideal for young families, plus a special perk of 20% off for Fifty-Seven’s clients & readers. If you need any help or advice please don’t hesitate to reach out to Laroux at Peoples Law.
Top 3 Myths About Wills and Estate Planning
Have you been avoiding getting your will done? You are not alone. Many Canadians procrastinate on this one. Young parents often think that it’s not important to get a will at this stage of life. To this, here are the top 3 myths about wills for young parents:
Myth #1: Wills only deal with money, and I don’t have much so why bother?
The most important part of a will has nothing to do with money, it’s about who would care for your child or children should something happen to both parents. This is called the Guardianship clause and allows you as parents to decide who would care for your child or children should something happen to both of you and they were under 18 years of age.
Myth #2: If I don’t have a will, my friends and family will know what to do.
Unfortunately, friends and family can’t make decisions on your behalf if you pass away without a will. Without a will explaining your interest, the Court gets to unilaterally decide who will take care of your children. In addition, if you pass away without a will, the government decides who gets your money.
Myth #3: Estate planning is only necessary as you get older.
Not true! A lawyer can help you determine who would be best suited to manage your finances or deal with your health care if you were in hospitalized and left incapable of makings these important decisions for yourself.
If you have any questions or want to discuss what it takes to get started planning your estate, please feel free to contact Laroux at 416-994-3474 or firstname.lastname@example.org and don’t forget to mention us to receive 20% off!
*Laroux will be one of the guest speakers at our special Bloor West Holiday Cafe on Tuesday December 8th at Diaper-eez. Stay tuned for exciting details in the coming days!