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Sunday 31 March 2024
Many people in our community do not see the need for having a will. These individuals would argue that they do not have enough money, houses, or other assets to justify the cost of a will. In their view, only wealthy people require a will when they pass away. This mindset seems to be most commonly held among first generation immigrants from Africa, Middle East, Far East and Asia, where traditional practices regarding inheritance prevail. In some cultures, talk of death and dying are regarded as taboos, to be spoken only in whispers. Yet, as we have seen a few times, some families in Canada are thrown into turmoil when a parent, spouse or partner dies without a will. Such families are bewildered by the very strict laws in Canada relating to inheritance when a loved one passes away. Terms such as “next of kin”, “beneficiary” , “fiduciary”, “executor” and “intestate”, are simply words they may never have never heard of. This article comes out of the wisdom of experts in the field of estate planning.
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Source: CBC Life First posted: Jan 31, 2020