Video: Do you have a Will? The Wealthy Barber on why you need one

David Chilton:
So, Celine, you’re out here playing pickleball. Have you ever been playing pickleball and suddenly had somebody come up and talk to you about estate planning?

Celine:
Never, no.

David Chilton:
Probably a good thing. It really, really is. But I saw your losing six nothing and I decided to bail you out. Look, fewer than half of Canadians have a will. Do you have a will?

Celine:
I do.

David Chilton:
Are you telling the truth?

Celine:
I am.

David Chilton:
Is it up to date?

Celine:
It’s about five years old to be honest.

David Chilton:
I think you should update it every two or three years. There’s always change. Charities come and get involved. You get tired of your husband. We talked about that off air. You know that type of thing can happen. We have talked about your husband, do you have kids?

Celine:
Yes.

David Chilton:
Do you have a pet?

Celine:
I do.

David Chilton:
And would you name the pet in the will at all?

Celine:
I didn’t.

David Chilton:
Would he be left anything? You did not.

Have you got a will in place?

Mike:
No.

David Chilton:
Interesting because fewer than half of Canadians do. It’s a common mistake. If you die without a will, of course, the government dictates where things go through the intestate laws. Are you going to get a will?

Mike:
Yes.

David Chilton:
Do you promise me? Looking me in the eye and promising me.

Mike:
Yes.

David Chilton:
You know, they’re not that expensive. They don’t take that much time. But I think that certain peace of mind comes with having one, too. Do you have a family?

Mike:
Yes.

David Chilton:
So, do you have a spouse? You have kids?

Mike:
Ex-spouse and two kids. Two daughters.

David Chilton:
You have two kids? Get a will! The heck, you got to get on top of this.

But I want to ask you a quick question: do you have a will?

Marco:
Will?

David Chilton:
Yes.

Marco:
I do.

David Chilton:
Good for you. Is it up to date?

Marco:
Well, I wouldn’t say it’s up to date. It’s somewhere, maybe, maybe about ten years.

David Chilton:
Well, ten years is a long time, because in ten years, it’s, you know, some people come and go, but unfortunately, you can lose some people, but also, you may get drawn to a new charity or whatever else. So, I think you should get it up to date a little bit more than that.

You can go to any lawyer and get a new will drafted. There’s even online wills now but make sure you get an up to date will that takes into account all your current wishes. Get a net worth statement. Everything you own, everything you owe. Maybe you don’t owe anything and put it with the will so the executor comes in and he or she knows what they’re doing.

We talked off air that you’re retired.

Rose:
Yes.

David Chilton:
You obviously retired a little early. You’ve handled yourself therefore financially, responsibly.

Rose:
Yes, we try.

David Chilton:
Do you have a will?

Rose:
I do.

David Chilton:
Good for you.

Rose:
Yes.

David Chilton:
Do you keep it up to date?

Rose:
Well, we only filled it out about five years ago, so I’d say it’s up to date.

David Chilton:
It should be reasonable. You know, I’m a little aggressive on this front compared to most. I tell people to reread their will every two to three years, because there’s some change to the family or something (right). A grandchild comes into play. So, you don’t have to necessarily change it every time but rereading it every two or three years.

When was the last time you looked through your will and updated it through your lawyer?

Michelle:
A while ago, about five years ago.

David Chilton:
Yeah, that’s not horrible, but I always recommend to people every two or three years, try to at least read through it. Maybe there’s no changes necessary, but oftentimes you’ll see something you want to make an adjustment to.

Now, this is a complete coincidence. This was not set up ahead of time, you retired from RBC.

Pat:
Exactly, yep. After 31 years.

David Chilton:
You better have done some of the right things and prove it right now, my friend. Do you have a will?

Pat:
Yes, I do have a will.

David Chilton:
Good. Is it up to date?

Pat:
It’s up to date.

David Chilton:
How often do you take a look at it to make sure no changes are necessary?

Pat:
Well, I probably didn’t look at it for many years, but I looked at it again this year.

David Chilton:
It’s never too early to get your will done or updated. Get a will and talk to your family, friends, even your pet.