Hello everyone! Today I want to share information that isn't directly related to real estate, but is extremely important❗ It concerns everyone without exception, although few people like to talk about it, except for notaries 🙂
So, death without a will: unpleasant surprises for the heirs.
Leaving this world without a will can create a lot of problems for your heirs, even if you think you're not leaving behind anything special.
In the absence of a will, the law determines who automatically inherits. In this case, the children inherit the property, and if there is a spouse or civil partner, they also inherit alongside the children.
If you separated from your spouse without an official divorce, they will still receive part of your property upon your death. Of course, the spouse can refuse their share of the inheritance, but there is no guarantee they will do so.
Without a will, the inheritance process will take longer and incur costs, as the notary will have to prepare a declaration of inheritance—a document that specifies who the heirs of the deceased are.
Therefore, a notarized will will provide you with much greater peace of mind. The likelihood that it will be contested is much lower than for a will written by hand, for example. Such a will, even if made in the presence of witnesses, will require the heirs to certify it in court or with a notary, which also incurs costs.
Creating a notarized will guarantees that your wishes will be respected and that your heirs and property will be protected.
When drafting a will, the notary will ask you to prepare an inventory of your assets and debts. This ensures that nothing is forgotten, for example, if a life insurance policy was issued or a bank safe deposit box was opened, the existence of which no one knows about.
What should definitely be done?
– Create a list of all your bank accounts, investments, life insurance policies, debts, and IOUs, and indicate the people to contact in case of your death.
– Assess your assets and get your affairs in order:
* consolidate accounts from several banks into one account;
* report any loans that need to be repaid;
* ask people you have lent money to provide you with IOUs;
* ensure that your life insurance policies are in your possession and check that the correct beneficiaries are listed;
* keep only a small amount of cash at home, and deposit the rest in the bank;
* store jewelry and valuable items in a safe, accessible place.
Some may find these actions obvious, while others may see them as excessive, but only by drafting a will can you be sure that your heirs will be protected. And live to 120! 🙂
If you need a recommendation, I work with trusted and reliable notaries. Feel free to reach out; I’d be happy to help.
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Best regards,
Denis (514) 577-0787
Denis Kornienko Real Estate Broker REMAX
