Writing a will is a loving gesture to make for your family, according to one expert who said failing to prepare one can have serious consequences.
In an article for Kelowna Capital News, Doreen Smith said there are a number of reasons why people put off writing a will.
"Some people think nothing will ever happen to them, others and procrastinators and others think it might cost too much," she explained.
Fortunately, those who choose the DIY route can write a will without the expense of a solicitor, which eliminates one of these three excuses.
Ms Smith said that people who die without a will put their family's financial security at risk, as the state will decide who inherits their assets.
It could also lead to feuds within the family as relatives argue over who is entitled to what, while inheritance tax bills may be much larger.
Those who already have a will should review it every couple of years to make sure it is up to date, Ms Smith added.
The government recommends reviewing wills every five years and after major life changes such as marriage, divorce, separation, having children or moving home.
Posted by Rachel Crook
Published on: April 22, 2010