According to a poll from CTV News a whopping 51% of Canadians do not have a will. If you’re one of the 51%, you may be wondering if it’s really worth it to have one or what the purpose of a will is. At Relocate Stress Free, we handle many estates and have some great insider knowledge to share with you. What does a will do? In the event of your passing, a will ensures that any property and assets you own are distributed the way you want them to be. Ensuring that these items are taken care of in advance will take a lot of stress off your loved ones during such a difficult time. If you have children, having a will in place can also protect their future(s) and ensure they receive the best possible care should you pass while they are minors. When do you need one? There is some debate among different professionals on who needs a will and who doesn’t. If you’re married you need a will because your spouse is closely tied to your life and without one they don’t always gain control of your assets. Having what you want to pass to your spouse in writing and clear terms ensures there is no room for interpretation or negotiation in your absence. It’s especially important to note designations in subsequent marriages or common-law partnerships. If you have children, you need a will because they are likely to inherit your assets if you pass away after your spouse. Whether you want your children to inherit your assets or not, it’s crucial you have it in writing for legal reasons to avoid room for errors or interpretation from the courts. When your children are minors, you will also need to name an executor of your estate and guardian of your children. The executor is someone responsible for the distribution of your assets and the guardian is responsible for raising your children. It’s a big decision for parents to choose family members or friends to fill these roles and it can be uncomfortable to talk about, however, it’s necessary to protect your children’s future and ensure they are raised the way you would want them to be raised. If you have a positive net worth, you need a will too. It’s nice to be able to plan for the future and assign your assets to loved ones, friends, charities and more keeping the power in your own hands-after all it’s your hard-earned money that purchased your assets and grew your savings. Assigning these assets in advance also helps to manage any tension between family members that can arise under these unfortunate circumstances. The time of death of a loved one is a stressful situation for all parties involved. Unfortunately, it’s all too common that unassigned assets add to that stress and can lead to long drawn out court battles for loved ones. Taking care of this necessary, and sometimes uncomfortable, task is an important part of planning for your future and that of your loved ones.
Ten Tips For a Successful Estate Sale
Estate sales can be a great way to get rid of the clutter in your home and make some extra money all at once. While there are some definite positives, there can also be some hiccups. Estate sales can be tricky to plan, and it’s hard to know what will make them a success. Here are some tips to help you have a successful sale. Do Your Research You don’t want to price an item too low based on an instinct to then find out later it was worth substantially more. When you’re still in the planning phases, research items that you aren’t familiar with to see what similar ones are selling for. Places like Facebook marketplace, Kijiji, and eBay are good places to start. Clearly Mark Your Prices Bargaining is a normal part of estate sales. By having your prices clearly marked, it makes it easy for customers to see what you’re asking and make you a reasonable offer or begin negotiations. Clear prices make shopping easy for customers, and the easier it is the more you’ll sell. Make Sure You Have Enough Hands on Deck It’s not enough to just have one person available to collect money from buyers. You should ask for help from family and friends and have them dispersed throughout different parts of the home so they are easily accessible to shoppers. Setup a Place for Purchases You’ll need to set up a central place to receive payments. Make sure you have a table big enough so shoppers can set down their items, and handle their payments easily. Convenience is key. Get a Cash Box with Change A float is a necessity when holding an estate sale. You’ll need to be able to break bills and make change for customers. There is no way you want your customers to have to leave to get exact change somewhere else! Be Prepared for Crowds Many people who shop estate sales, do so first thing in the morning before items get picked over. It’s not uncommon for these sales to happen as early as 7 am so be prepared by prepping your home the night before and have everything set and ready to go. It makes for a long day but a successful one for sure. Keep your Pets Contained We all love our pets, but an estate sale may not be the perfect place for them. Check if your furry friends can go to a friend or family members house for the day to ensure your day isn’t spent chasing your dog or cat who got out or trying to quiet them down every time the doorbell rings. Advertise This is one of the most important points. How is anyone going to know you’re having an estate sale if you don’t advertise? Use your local newspaper, put flyers around town, post in local Facebook groups, put posters up on community bulletin boards, add your event to Kijiji and more. As your friends and family to share your event on social media for even further reach. Use Signs for Directions Many people stop by estate sales because they see signs while they are out and about. Place signs on major roadways and guide customers to your front door with clear, legible signs that are easy to read in a passing vehicle. Keep it simple-just add directional arrows and your address! Hire a Pro There are companies that focus on helping people set up for estate sales. Because this is such a big job you’ll need all hands on deck to be prepared. Relocate Stress Free makes preparing for an estate sale a breeze. Our friendly, and knowledgeable staff are able to jump in and give you a hand to ensure the day of your sale goes smoothly. With the spring weather finally here, now is the perfect time to prepare for an estate sale!
Why you need a will and executor?
Most people postpone writing their will. This is probably because it’s a reminder of their mortality. Leaving a will behind is same as leaving a gift to loved ones. A will makes estate management clearer, easier and without disagreements. If the deceased never had a will, their property will be divided according to the laws of the province the deceased resided. Nobody wants that to happen. So even if not yet married, a will is a necessity. In a will, the deceased mentions the executor, who can be an estate lawyer. The Canadian Bar Association states that the executor is responsible for gathering estate assets, paying the deceased’s debts and dividing the estate. Everyone needs a will. Without a will, it won’t be known who should receive the deceased’s property. When a will is not left behind, there’s a default plan based on the deceased’s marital status, with children, siblings or parents. Even if there are no relatives, nothing is allowed to go to charity, friends or non-related persons. What’s the Process? If the deceased leaves a will behind, the executor will firstly present it to local council to ask for authorization to administer the estate. This is referred to as probate process. Secondly, the executor administers the estate, determines beneficiaries, creditors and others entitled to the property. Thirdly, the executor makes appropriate distributions, files taxes and closes the estate within the stated time frame. Relocate Stress Free can assist executors with decluttering the estate home and other personal items. Should my Friend or Relative be my Executor? Choosing an executor is especially important when one has investments or properties. A friend or relative may not be a good option as an executor, as this could cause problems. Corporate executors are more experienced in estate administration, have legal expertise and the technical knowledge to handle almost any arising situation.
How to deal with a loved one’s estate
The losing a loved one presents tough times for families. When the deceased leaves a will behind, the executor has the responsibility of administering the will once legal authorization is obtained. Dealing with loved one’s estate is not an easy process especially if it is an individual executor rather than corporate executors. There’s definitely a lot more to be dealt with especially if the deceased left a significant amount of property behind. The oncoming weeks and months following the loss of a loved one is usually much more overwhelming. With so many things to be done both financially and legally, the executor may wonder where to start and what exactly is entailed in closing the loved one’s estate. In such hard times, seeking assistance of estate services from Relocate Stress Free can illuminate a path on how to proceed. They can offer guidance through the whole process from beginning till the closing of the estate. They will offer advice to make the process much easier and successful. Determining duties of executor and trustee As the will executor or trustee, Relocate Stress Free will offer assistance in knowing the duties to be taken. They will know how to achieve the duties in a manner that involves less headaches and delays. Those to be notified After the loss of a loved, there are institutions and people to be notified and the documentations to be done. Professionals can offer guidance through the notification process. Dealing with creditors and debtors Through professional assistance, it becomes easier to settle the debts and reach agreement with creditors. The probate process Individual executors may not know how much probate costs. They will also not know how it is filed, and which properties are subject to the process. Professionals can help with the process so individual executors don’t have to worry about the legality involved. Decluttering Those left behind after loss of a loved one may still be in grief hence making decisions on the decluttering process can be difficult. Decluttering services offered by Relocate Stress Free can make the process much easier. Dealing with the loved one’s estate can be much easier with professional help. Anyone can be chosen as the executor of a will, and when it happens, one may seek assistance on the right way to execute the will without disagreements.