When you are nearing your end on this planet, there are a number of items that you must ensure will be taken care of appropriately.
You need to ensure your mortgage is paid off otherwise it is legally willed to your children. This means that you should really try and pay it off prior to your demise. Perhaps one of your best options is to speak with your mortgage broker and then see if the money obtained from selling the house will be sufficient to pay off the outstanding mortgage. If it is not, then consider liquidating other assets.
Another item to take care of is your inheritance. Any outstanding money that you have in your name needs to be divided up among your loved ones that are still alive. Make sure to spell this out so that there are no arguments later on.
One item that I recently read about is the care of your pets. In the USA you are legally allowed to will an inheritance to your pets. The article in the Financial Post reads, “Leona Helmsley’s dog Trouble, which was left US$12-million by the late billionaire, would not be entitled to anything in Canada because, unlike south of the border, where 43 states and Washington D.C. allow money to be left to pets, Canadian estate law stills views animals as property.”
As a Canadian, ensure that you speak with your lawyer to see how you can ensure Fido will not get sent to a shelter and euthanized when you are no longer here. Besides these couple of pointers, enjoy the last days of your life on Earth to their fullest!
