5 Willful Estate Planning Features You Didn't Know You Needed

3 minute read
Three people around a white table thinking and planning | Willful
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    Technology is constantly innovating to make our everyday lives easier. 

    And to make estate planning easy for Canadians, Willful uses technology to create a will from the comfort of your home! In doing so, we’ve developed some snazzy features to help you make an end-of-life plan that is uniquely for you.

    Here are 5 things you can do with Willful, that you might not have known about:

    1. You can notify people who are named in your will 

    Making a will means you’re prepared for the unexpected. But what about your loved ones? 

    If certain people are named in your will, you should notify them so that they’re included all throughout your estate planning process. 

    Willful has an easy way to let your loved ones know that they have a designated role or asset to receive in your will! 

    Not only will they receive an email notification, they’ll also get resources to help prepare them for their newly appointed role, like this checklist for executors.

    Don’t forget: you should still talk to your chosen person about the role before naming them in your will. You want to make sure that they’re comfortable with the position and are aware of the responsibilities that come with it.

    Not sure how to start the end-of-life conversation? Learn more here →  

    2. You can set different ages for your child’s inheritance 

    A great feature Willful has is the option for parents to set the percentage of a trust allocated to their children to release at different ages! This is called a testamentary trust.

    With Willful’s testamentary trust feature, you can set 2-3 installments between the age of majority to 40 years old. For example, you can choose that  25% of your child’s inheritance gets released when they turn 18 years old, 50% at 25, and so on. 

    While you can allow your beneficiary to receive one large lump sum when they’re of age—usually 18 or 19—many parents prefer to stagger payment as children often have a better chance of managing their finances when they’re older. 

    For example, when your child turns 18, they’ll get a portion of their trust to support themselves. But then at a later age, when they have ideally developed a stronger sense of financial literacy,  the rest of their inheritance is released. 

    Want more ideas on how to include children in your will? Here’s 5 smart things to consider →

    3. Viewing how your assets are divided is as easy as pie

    Curious about how much of your estate is being given to your beneficiaries? 

    You can now easily view the percentage of how much your beneficiaries are getting from your overall estate. You can also easily make adjustments so you can put together a plan that works for you!

    Your allocations should add up to 100% of your total estate, so there’s no room for concern about any missing slices.

    Not quite as delicious, but definitely as easy as pie!

    4. You can create a list of assets for your estate

    Creating an asset list is important so that your loved ones know where to find specific items and find important information regarding your accounts and final wishes. 

    Through Willful, you can itemize and record your assets into:

    • Physical assets
    • Financial assets
    • Insurance assets

    While having an asset list isn’t required to create a legal will, you should still have one for peace of mind. Unless you’re leaving a specific gift, you don’t need to list out all your assets in your will. They belong in your asset lists. 

    You might not want to list this information in your will for 2 reasons:

    1. Your assets will be made publicly available when your will goes through probate. So people will know exactly what you owned at the time of your death.
    2. Your asset list will change. Meaning that you’ll have to re-witness and sign your will every time you need to update it.

    That being said, you should regularly update your asset list as your life changes. It’s a good idea to ensure it accurately reflects everything you own, so that your executor won’t have to chase after things that no longer exist—when the time comes.

    Not sure where to start? Learn how to create an asset list here → 

    5. You can leave a legacy gift

    Did you know that you can leave a charitable donation even after you pass away? 

    With your Willful account, you can leave a charitable donation in your online will, also known as a legacy gift. In a few simple clicks, you can create an impact by leaving a lump sum amount to any charity of your choosing from the dropdown menu. And if you want to give a percentage of your estate to a charity, you can add them as a beneficiary!

    Empowering you with estate planning tools

    To empower Canadians to write their will means to give them the power and tools they need, which is why our technology is always changing and adapting. At Willful, we’re continuously updating our platform with features to simplify the estate planning process—and to better serve you!

    Want to try out our features? You can start a will for free today →

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