Let’s Talk About the Importance of Having a Will
When you’re young, you don’t think about death. Adrienne’s powerful story about what happened to her when her husband suddenly passed away at the young age of 46, sheds an enormous spotlight on the difficulties a surviving spouse can encounter when personal finances are not in order. Do you know what happens if your spouse dies without a will?
What Happens When Your Spouse Dies Without a Will?
Absolutely all assets in the deceased spouse’s name only, are completely frozen. They include:
- Bank Accounts
- Life Insurance Payouts, without a named Beneficiary
Adrienne discovered that without a Will, she had no access to her husband’s money or estate. With two children to feed and a mortgage to pay, she was completely devastated. She was enrolled in University as a student and was just about to write her year-end finals, when her husband suddenly passed away. What could she do?
She was referred to Joanna, founder of the Blackmore Levy Group after she had already encountered a difficult situation with another Financial Advisor. Joanna was instrumental in getting the processes started for a new, positive financial beginning for Adrienne.
- The first step was to find Adrienne a lawyer to start the application to be appointed administratrix of the estate because her husband did not have a Will.
- Joanna found out that her husband did in fact have a Group Life Insurance Policy through his benefit provider at work. Once Adrienne is appointed administratrix, she can start the process of applying for the life insurance benefit. Life insurance is the fastest personal financial asset to pay out at death as it by-passes probate if there is a named Beneficiary. However, Adrienne’s husband had not named a Beneficiary on the Group Life Insurance Policy but since she was his spouse, she will receive the funds, after she becomes administratrix.
- Adrienne will also be able to apply for the Canada Death Benefit. Once she is named administratrix of the estate and right away she can apply for the The Canada Pension Survivor and Child Benefit.
- Because Adrienne is a student, she did not have a lot of money of her own. All their money is tied up in the estate and without a Will she can’t access it. Luckily, she was able to borrow some money from her family, so that she can provide food and shelter for her children while she awaits probate. By the way, Adrienne’s lawyer told her that, this will take at least 8 months before she is able to see any money.
If Adrienne’s husband had a Will, Powers Of Attorney in place and named beneficiaries on all his accounts she wouldn’t be in this awful situation. Adrienne would be able to mourn with her family and not have the added stress of worrying about money! If God forbid, you were to pass away today and there are loved ones that rely on your income, please make sure that you do have the right type of Life Insurance Policy in place to protect them.
The Blackmore Levy Group are offering to do a FREE Audit of your Life Insurance, so please reach out to them.
At the Blackmore Levy Group, we go the extra mile, we take the time to sit down with you and make sure that you understand exactly what you have, as we talk to you in layman’s terms. We guide you through the steps that you need to take to ensure that you receive everything you are entitled to.
Joanna and her team are all about education on personal finance. It’s about the planning process and building a strong Financial House from the foundation up. Once you have the blueprint in place and the foundation laid, with care and attention, the house will last a lifetime.
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Blackmore Levy Group is a full-service Financial Brokerage with over 60 years of combined industry knowledge. Expert Advice with state of the art, customized solutions! The customized “Blueprint of your Financial House” is a proprietary software program that was years in development with a significant investment of time and resources. It provides our clients with a simple easy to follow customized blueprint offered exclusively through our Financial Architects.
Contact us today to find out how we can help you get your personal finances in order. We provide a free audit to assess where you are and help you achieve your goals and dreams, by creating a personalized Blueprint of your Financial House.