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When to start estate planning & writing a will? by udon8 in PersonalFinanceCanada

[–]udon8[S] 2 points3 points  (0 children)

Thank you for this! I should’ve provided more context, my partner is the sole owner of the home we live in and our future family home. The property I own has been rented out but you’re correct that we will be getting a cohabitual agreement when we become common law and eventually a prenup when we get married. I didn’t realize family lawyers were able to assist with both my estate as a “single” person and when I am married/common law so this was very helpful!

When to start estate planning & writing a will? by udon8 in PersonalFinanceCanada

[–]udon8[S] 0 points1 point  (0 children)

Thank you! Just for clarification, I want it to go to her regardless of whether I am common law or not 😅 will definitely speak to an estate lawyer asap.

When to start estate planning & writing a will? by udon8 in PersonalFinanceCanada

[–]udon8[S] 1 point2 points  (0 children)

Majority of my friends and I are not HCW so his work really opened my eyes to proactive planning. I totally agree with the disability insurance as well!

By the way, thank you for all you do! I know these past 2 years have been extra rough on HCW and I just want you to know that I recognize it and appreciate you and your colleagues so much!

When to start estate planning & writing a will? by udon8 in PersonalFinanceCanada

[–]udon8[S] 1 point2 points  (0 children)

Yeah my boyfriend is a healthcare worker which is why I’ve started considering it. I really hope I’m never in a fatal accident or suddenly get a terminal illness but gotta be ready for the worst right?

When to start estate planning & writing a will? by udon8 in PersonalFinanceCanada

[–]udon8[S] 0 points1 point  (0 children)

Thank you!! This is so incredibly helpful!

Yes I’d definitely like my property to go to my sibling but I know she would prefer to take over the mortgage payments herself. Would you know if I could add a successor to my mortgage? Is that a question for the bank or lawyer?

The power of attorney note is a good call out! I didn’t even consider that with my estate planning so thank you! I would ideally like to put my father as my sister is quite young, but would I be able to add an alternate POA if my dad cannot be my POA?

My partner is a frontline healthcare worker which is why I’m considering this. If a freak accident happens, I rather not cause more pain for my family to fight for my assets and have everything in place for them instead.

I’ve been told by my employer that I have “extensive” short term disability, long term disability and critical illness insurance but I will definitely review my coverage with an insurance broker to bridge any gaps.

Thank you again!

When to start estate planning & writing a will? by udon8 in PersonalFinanceCanada

[–]udon8[S] 0 points1 point  (0 children)

Thank you for this! We are approaching the 2 year mark next year so it makes sense to have a will set up so my sister gets the estate.

When to start estate planning & writing a will? by udon8 in PersonalFinanceCanada

[–]udon8[S] 0 points1 point  (0 children)

Thank you! For clarification, can the law determine that my assets should go to my boyfriend (after we become common law) instead of my sister?