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Got a House? You need a will.

Got a House? You need a will.

You can add one more wrinkle to the impact a booming housing market is having on Canadians — it’s getting them to make out a will.
Perhaps buoyed by the ever increasing value of their homes, which reached an average of $369,677 nationally in March, a new study says all that perceived wealth is convincing some they need a legal document to say who will get that money when they pass away.

And that’s a good thing. Not having your final arrangements organized all but guarantees your descendants will face more costs, not to mention the very likely reality that your money will end up in the hands of people you didn’t want to have it.

LawPro says 13% of Canadians were prompted to get a will when they bought a house. “It seems to turn on milestones and everybody agrees getting your first house or any house is a milestone for most people,” says Ray Leclair, vice-president of public affairs at LawPro. Despite the impetus of buying a home, LawPro’s survey still finds that 56% of Canadians do not have a signed will. The survey was conducted by Angus Reid from March 21-22 from a sample of 2,013 Canadian adults and is considered accurate to within 2.18 percentage points, 19 times out of 20.“It is a surprisingly large number,” said Mr. Leclair. “There are a whole slew of reasons.”

“The flip side is they now maybe have something of value [in a home],” says Mr. Leclair, joking most people probably have more mortgage than they have equity. He says the idea wills are just too expensive probably doesn’t wash because it’s less costly than your high-speed Internet on a yearly basis — in the $500-range. Prices vary based on the complexity of the will which includes issues like second marriages and, dividing up businesses.

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Kind Regards,

Tibor Bogdan

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