Have you written your will? It doesn’t need to be complicated. Here are few quick tips to get you started.
- Choose an executor and a back-up. An executor is someone who ensures your wishes are carried out.
- Name guardian(s) for your children or any other dependents.
- List your beneficiaries. Beneficiaries can be individuals (your heirs) or charities. If you love the Library, consider including the Toronto Public Library Foundation, a registered charity, in your will.
- Use a lawyer. Although it’s cheaper to use a “do-it-yourself” will kit, a professionally written will can reduce taxes and reduce hassles in the long run.
- Identify powers of attorney (POAs) for your health care and finances. A power of attorney document is separate from a will, but it’s a good idea to do at the same time. Your power of attorney will make decisions on your behalf if, for whatever reason, you’re not able to.