If you’re a homeowner, you’ve felt the pain of saving up for a down payment for years just to buy a tiny box in the sky with about the same square feet as your parents’ laundry room. Nope? Just us?
After saving up to buy what will likely be the biggest asset you ever purchase (although we really do hope you buy a super yacht one day), don’t you want to protect it? I don’t mean hiring The Rock to stand outside and scare away burglars - I mean protecting it by having a will that ensures your largest assets passes on the way you would want. Not as sexy, but still important.
What if I asked you how your home is owned? Would you know the difference between owning it jointly with rights of survivorship vs. joint with tenants in common? Would you know what happens to your mortgage when you pass away? And would you know who your home would go to if you didn’t have a will?
Well, 1 in 10 Canadians think their mortgage disappears when they die (spoiler alert: it doesn’t), and there are a lot of myths and misconceptions and home ownership and estate planning. While we can’t make your mortgage disappear, we can break down the basics for you.
If you’re a homeowner, you’ve got to take a minute to read Willful’s Guide to Estate Planning for Homeowners about why you should get a will. You’ll learn how your ownership structure affects how a home is treated in your will, what happens to your dreaded mortgage after you pass away, why you may want to update your will when you move, and lots of other exciting things. We promise, it will be more exciting than watching paint dry.