Got a house? You need a will
You can add one more wrinkle to the impact a booming housing market is having on Canadians — it’s getting them to make out a will.
A recent study from the Lawyers' Professional Indemnity Company revealed that 56% of Canadians do not possess a will. However, rising home values seem to be prompting homeowners to seek making out this important document. In this Financial Post article, we learn that 13% of Canadians got their first will after purchasing their first home.
Canadians between the ages of 27 and 34 cite the belief that they do not have any wealth as the reason for not having a will. Another popular reason is the idea that wills are too expensive. Taking into account the fees associated with obtaining a mortgage, writing a will is a small fee that can make a big difference in peace of mind. A standard will is normally within the range of $500. Natrally, the more complex the document is, the higher the price. Writing a will without a lawyer is also an option, there are easily accessible self-help programs available online.
To learn more about protecting your most important investment, click here for the full article.