Avid collector (read: “little goblin”) Hannah Chafe has an impressive hoard of vintage clothing, antique cookbooks and fantasy swords. What she doesn’t have is a kid or a lot of money, so does she really need a will? In this episode, Lauren Bird and Cadeem Lalor find out it’s never too early to start thinking about your end. Only one of the Half Banked hosts has a will of their own — and as estate lawyer Stephanie Battista explains, that would make all the difference if they suddenly met the business end of a city bus.
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Avid collector (read: “little goblin”) Hannah Chafe has an impressive hoard of vintage clothing, antique cookbooks and fantasy swords. What she doesn’t have is a kid or a lot of money, so does she really need a will? In this episode, Lauren Bird and Cadeem Lalor find out it’s never too early to start thinking about your end. Only one of the Half Banked hosts has a will of their own — and as estate lawyer Stephanie Battista explains, that would make all the difference if they suddenly met the business end of a city bus.
Enjoyed this Episode?
If you did, subscribe and share it with your friends!
Post a review and share it! If you enjoyed tuning in, leave us a review.
Have any questions? If there’s a topic you’d like us to cover, send us an email at hello@halfbanked.com!
Thanks for tuning in! You can find us on YouTube, Apple Podcasts, or Spotify! You can also follow us on Instagram, TikTok or Twitter for more clips and updates or visit our website.
If you ask young Canadians, why they don't have a will, they'll probably tell you, they don't really have any assets to pass down. No kids to inherit them. But if you stop and think, everyone has people and possessions, they treasure
Hannah Chafe:For a long time. I've been sort of like collecting stuff like I was a kid that had the rock collection, anything that has any sort of sentimental value, like I would keep it. My mom would call me a hoarder. And I was like, No, these are valuable items.
Lauren Bird:That's Hannah Chafe. She doesn't have a car or a house of her own yet, but she has spent her 24 years of life acquiring a fairly vast and valuable collection.
Hannah Chafe:I have a lot because I like to collect a lot of stuff. I'm like a little Goblin, my biggest collection is vintage clothing, mostly from the 30s to the 50s. I have some like 70s 80s stuff, a couple of 20s things. That's my biggest collection that I started doing mostly in the pandemic, because I got that CERB check. So I started buying a lot of vintage clothes so that I could sell them. But I haven't gotten around to selling them yet. So I've just kept them. I collect old cookbooks really old, like 50s. And earlier, I have one from the 30s. That was like a advertisement for a Kelvinator refrigerator when refrigerators were still like a new thing. And then I also collect swords, which is a smaller collection, but still, most of them are Lord of the Rings. One is Game of Thrones, and then a couple of them are just kind of like vaguely medieval. I think they're supposed to be like Excalibur, but it's a vaguely medieval style swords. And then I have a couple of daggers and things too.
Cadeem Lalor:Before you ask. Yes, she has Sting. She has Anduril and she has a Valerian steel digger from Game of Thrones. Altogether, she figures her collection might be worth nearly $10,000. Not that her parents know that. They think all of her "junk" is worthless. And that's a problem because if Hannah were to die without a will, the law says her parents would inherit everything.
Hannah Chafe:When I started thinking, oh, I want a will to give us away it was when I was going away on a trip to Italy, and I hate planes. They're terrifying. I think I'd only been on the plane like once, maybe twice before that. And it was like horrifying, I hate it so much. So I was like, I'm gonna die on this plane ride. So I was like, I'm gonna write a will because I have all these swords and I want my things to go to specific people. And I know my friends want it. So then I wrote up a will with my friend over like Skype or something. And I was like, it needs you to write this up for me. And we were like 14, so I was like you need to notarize it. I have vintage clothing. I mean, I do have a friend who also collects vintage clothing. So that would probably all go to her. Although I'd probably put a stipulation, hey, everyone can come to the house, pick up what they want. And take it because the thought of especially my vintage clothing, like just being donated into like a Value Village, like would hurt me a lot because then they'd be like, oh, there's a rip in it. Into the garbage. And it's like a very rare like 1930 stress that just needed to be fixed. And it's actually worth like $400 and that would kill me a little bit.
Lauren Bird:But making sure the right items go to the right people isn't the only reason to plan for your death. What about your pets? The rights to your creative works? Your computer and social media accounts? And what if you have wishes for what happens to your body?
Hannah Chafe:Being embalmed, too, is like another added price that seems so unnecessary to me. Because you're just putting toxic chemicals into your body to preserve it for what the five minutes that people may be looking at your body and then you get put in the ground and then that leeches the chemicals into the ground. Very bad for the environment. I don't find death very, like, grim and I just have like a pretty like blase attitude towards death. It's not something that's terrifying to me. It would be impossible but my dream for a funeral was to have a Viking funeral and like actually have, be on a boat and set on fire will be really cool. It would suck that I wouldn't be there to witness it. But it would be really cool. I don't think that's legal. I don't think you can do that, unfortunately.
Lauren Bird:Welcome to Half Banked. In this episode, will they or won't they? 70% of young Canadians aged 18 to 34 do not have a will. That's according to a recent poll by Ipsos and RBC. Why bother when you're young and healthy with no kids, no spouse and little wealth to your name? That's why Hannah doesn't have a will yet despite her hordes precarious fate.
Hannah Chafe:I might wait maybe until I have like more of an asset maybe like a house one day or I'm like married and then there's more things to like actually put in. It's not like people are gonna be fighting over my estate.
Cadeem Lalor:Is she right not to worry about family and fighting. What's the power of attorney anyway? And there's a Viking funeral really out of the question. Stay tuned and let's find out.
Lauren Bird:So, as we've been talking and preparing for this episode, we've been thinking about what would happen to the two of us if we, you know, God forbid, got hit by a bus today and died.
Cadeem Lalor:That's why we have Stephanie Battista here, who's a wills and estate lawyer based in Toronto with O'Sullivan Estate Lawyers and practicing nine years in estates and trust. Dealing with power of attorney, trust, estates. Hopefully she can help us, you know de... demystify the situation. See exactly what would happen most likely to me since I don't have a will.
Stephanie Battista:Well, thank you guys for having me here. Cadeem, unfortunately, I... sorry that you passed away. We'll say yesterday.
Lauren Bird:It was a tragic accident.
Stephanie Battista:Tragic accident. So you don't have a will. And now what happens, I guess is the question, what would happen to your estate? Well, because you don't have a will, our laws will kick in. In Ontario. It's all governed by the Succession Law Reform Act, and that sets out who is actually entitled to your estate. And this might not be who you want to get your estate, whereas Lauren, you have your well, you could have said, whoever it is, Cadeem, you don't have that choice. And just to kind of take you through what it is very briefly is, you know, if you did have a spouse, it would go to the spouse if you had the children go to their children, but in this case, no spouse or no trial. So it would go to your parents that-
Cadeem Lalor:I wonder, a common-law partner with that. Is there any room for there to go to them at all?
Stephanie Battista:Right? So no, unfortunately, not not in Ontario, some people are surprised that common-law spouses are not treated the same as married spouses. It does vary depending on the province you're living in or the territory but we're in Ontario right now. So Cadeem, unfortunately, if you did have a common-law partner, the partner would get nothing, it would bypass the partner and go straight to your parents. And that is just an unfortunate part of not having that will.
Cadeem Lalor:I wonder about probate as well, if you could just define that for our listeners.
Stephanie Battista:Of course. Yeah, so probate is a court process, I guess, very generally speaking, it's where the last will is deemed valid. So it's the true last will of the deceased, and the executor named has that authority to act. So why it's needed is there's a lot of third parties. So for example, a bank, you know, banks not gonna let me come in and be like, Oh, I'm Lauren's executor, give me her money. They're gonna want to have proof of that
Cadeem Lalor:An executor just generally being the person who handles the will, correct?
Stephanie Battista:Exactly. In Ontario, sometimes it's referred
Lauren Bird:How complicated can that process be? Like, when you to as an estate trustee. It's generally called an executor. Sometimes it's a trustee. Unfortunately, we have a lot of different words, but it's all the same role. have to go through probate? You talked about the administrative hurdles, what are those like?
Stephanie Battista:Well, the first one is, so I guess talking, if you don't have a will, what happens is, you know, any court process, it's going to be a long process, it's going to be a little bit expensive. So you're already dealing with that. But if you don't have a will, there is nobody who has immediate authority to deal with your assets to start the probate process, somebody has to step up and do that. And so it's kind of a catch 22. Because in order to probate, you need to know the person's assets and where they are. But nobody's going to release that information to you because you're not an executor. And you can't be an executor until probates, you know, receive, so you're kind of in a dilemma where who steps up? And then how do they go about it?
Lauren Bird:Oh, my word that sounds like very complicated.
Stephanie Battista:Definitely.
Lauren Bird:Does any one have to step up?
Stephanie Battista:So there is a priority. And I should say that throughout Canada, it is based on the province or the territory. So I'm a lawyer in Ontario, so I'll just speak generally about Ontario, but it is pretty similar. So there is a priority, and it is pretty common sense. So spouse, if not spouse than children, then parents and so on, might not be who you want to do it, or who you trust to do it. So that's the problem again, without having a will.
Lauren Bird:Are there other assets that you need to consider and think about other than housing or your money?
Stephanie Battista:Yeah, definitely. I mean, obviously, your house is the big one, your bank accounts are the big one. But you know, sometimes people also forget about registered plans, like maybe you have an RSP through your work, or maybe your work has a life insurance policy. So those are all things that need to be part of your estate plan. I think especially with with younger people, personal effects, it can be quite expensive. If you have a good collection, then who knows what that cost would be. And then there's also digital assets. It's definitely a newer area. And you know, estate practitioners are also trying to get our feet wet with it. So we don't have all the answers, but that's definitely something that's going to continue to grow especially with, you know, our younger clientele.
Lauren Bird:Another thing like we talked about as young people a lot is pets, overall, you know, for babies and yet dog dads. I mean, do you see a lot of people putting their pets in their wills?
Stephanie Battista:Definitely. And a very famous case is Karl Lagerfeld the Chanel guy. I think his cat I think is like, Yeah, His cat is like a multimillionaire.
Lauren Bird:I follow her on Instagram.
Stephanie Battista:I mean, a pet cannot legally own assets. I think that is pretty, you know, understandable. But you could set aside a trust. So you know, you would name my friend to watch Fluffy and set aside this amount of money for Fluffy. So we do see that. It is what it is. And it's good. I think you should have a contingency plan for your furry friends. You know.
Cadeem Lalor:I guess I was also wondering, because I have a pet. I know this sort of. I feel like the sort of like the millennial dependent the most common one. But I think in my case, it will definitely still fall to my girlfriend in this case, because she got it before she met me. So I think I'm not included with that piece of it, which is kind of a thing, a big thing for millennials now. But also I have creative works, where the rights are kind of at the moment held by basically whatever online publication has them, and then they would revert afterwards. So it's like, they don't have a will though the rights revert to me, but I'm not there kind of what is the process for kind of getting copyright over those works,
Stephanie Battista:Right. So it would revert to I mean, it depends on obviously what the contract says, but it would revert to your estate. And again, you need somebody to administer that estate. So it would fall into the executor to deal with it, it would just be another, it is treated just like another asset that you would have. I think sometimes, especially with young people, they tend to see assets as a bank account, you know, a house, but there's definitely more than that, that is an asset of yours, that maybe you didn't consider that you had.
Lauren Bird:So we talked to Hannah, she has a lot of interesting collections. Collections of swords and vintage clothing. Do you see that a lot like people wanting to add their collections into their will, make sure certain things go to certain people?
Stephanie Battista:Definitely, I mean, again, that's an asset, right? So it goes beyond just a bank account, I mean, your collection of swords and vintage clothing, which is sounds really cool. Um, those are assets of hers, and the will could determine how it's distributed. Otherwise, it just falls in to the default distribution that we you know, talked about it would go to a spouse or a child or failing that a parent. So in a will you could actually say... so I sorry, I know nothing about swords, but let's just say like, sword one, to Lauren, and sword two to Cadeem. So you could actually set that out in your will, without a will again, you know, could be a free for all. And I will say with personal experience, these personal effects can be the most emotionally charged items and could cause again, maybe fights among loved ones.
Cadeem Lalor:That's interesting you mentioned that, because I think she mentioned, no one's going to fight over things. But I guess there are cases of people sort of being blindsided or, you know, among the estate by how tense things can get.
Stephanie Battista:Exactly. And I think, you know, we all live in that perfect world where my friends, my family, they're not going to fight but it happens. And I think people forget the emotional aspect of it like they lost a loved one. Maybe your mom had during your lifetime has had zero interest in your sword collection. But then now you've passed away and maybe your mom does want something and but you want to give to someone else. So I think don't underestimate the importance of dividing your assets and don't I guess, overestimate that people are gonna get along on your death. beneficiary doesn't get anything additional. So sword A is going to Lauren and on Hanna's death, sword A is not in existence, then you're not getting anything.
Lauren Bird:I don't get another item to compensate?
Stephanie Battista:No, you don't get another sword.
Lauren Bird:So what about like the cost of getting a will versus not getting one? Like how much money could your beneficiaries be saddled with by having to go through the probate process?
Stephanie Battista:Right. So there's a couple different ways to look at it. So one thing I will note with the probate process is that even if you have a will, you still might have to go through the probate process. It depends on what type of assets you are, and if a third party requires it. So it's not so much avoiding the probate process, because that might happen regardless. It's the cost leading up to getting there. So you're probably spending more in legal fees when you don't have a will just because there's a little bit more legwork that needs to be done before you even apply for probate. And then also just time and energy, I think that's sometimes a hidden cost. If your loved ones don't know where to even start, they might be overwhelmed and they might have to seek you know, professional assistance to help with locating assets, writing to every single bank rating to every single insurance company and trying to figure things out. So that could add up. I think it's some of those hidden costs. Going back to probate though, that's like a 50/50 thing because if you do have a will there is a chance you could avoid probate but so I don't know it's very much it depends but but I think it's more the costs leading up to probate that you need to think about.
Lauren Bird:Okay, interesting. Man also a lot of time a like if you have to write to all of these banks to locate your assets. Oh.
Cadeem Lalor:That's like months, at least.
Stephanie Battista:Months? And that's if you get replies. I don't think banks are always not I'm not against any banks, whoever's listening, but sometimes they're slow to reply right? If they reply, a lot more work for your loved ones. I think that's the main takeaway.
Cadeem Lalor:We were also wondering because we want to touch on one of Hannah's most dire questions, you might not get it often. We were wondering what the legality is of a Viking funeral.
Stephanie Battista:You know what, so I, oh, I have to plead with him on this one. I'm not sure it's legal in Canada. I'm gonna make an assumption that it's not but I might have to do some research into that. I don't know for sure I have not had a client ask for one yet. But doesn't mean I won't have a client one day. So I should probably research that answer and let you know.
Lauren Bird:Do you ever get like odd funeral requests in your wills?
Stephanie Battista:Definitely. We've had people who want, you know, very specific parties at whatever expense. You know, I've had people who want to plant trees that in this specific location, I've had people who maybe want to explore other opportunities outside of Canada with being frozen, I don't know. So yeah, like frozen burial. And so it's just a matter of, you know, trying to figure out how to incorporate that into the will. For our purposes, though, I one thing I do want to know, it is good to have your funeral wishes in your will. But wills are sometimes read after the funeral. So just as a you know, a little heads up, if you want a Viking funeral, if you want to be frozen, you know, let your loved ones know, just because it could be too late.
Lauren Bird:'Cus the funeral could happen. And then they open the well. And yeah, I Oh, you should have done this.
Stephanie Battista:Exactly. I mean, not all the time, but just it's not guaranteed the will is read first.
Cadeem Lalor:I'm actually wondering as well, do you recommend or are there situations where you do or don't recommend using an online service for it?
Stephanie Battista:That's a great question. And I think especially nowadays, it's easy, it's there. And I do caution clients, there is a little bit of you get what you pay for with it. Some of the online services are not great. That being said, I think they've made great improvements. I think there's a couple out there that were actually created by estate lawyers. So I mean, I would still caution clients against it. I mean, if you have to have something, I would say it's better than nothing. But a poorly done one could really also cause problems. And at least with the lawyer, you know, it's gonna get done properly, you know, it's valid. And also the lawyer can give you planning ideas, there might not be something you're aware of like to go back to your other point about an, a dependent you didn't realize, you know, that's for the lawyer to explore with you and let you know what the options are and what your requirements are. An online will's not going to do that. Again, if it means having a will, I would say do it for maybe a bandaid solution, but I wouldn't necessarily rely on them for long term.
Lauren Bird:Are there things that people do miss a lot like that they don't think about in terms of creating there will?
Stephanie Battista:Definitely yeah, I was like, where should we start? I mean, going back to the online will. I had a situation a few years ago now where the deceased made it online well, and she left it to three friends. But she just said to my three friends, X,Y and Z. She didn't say in what division? So you assume it's equally but it doesn't actually say equally. And no one thought about it. Like it didn't turn out to be an issue. But I'm just thinking like, if one of those friends wanted to say, hey, wait a minute, she loved me more. I'm getting three, three quarters of this, like could that friend have done that? So that's one thing that, you know, kind of circling back to the online will, but in terms of what you forget about just really all your assets, you know how to distribute them? I think sometimes people aren't too knowledgeable of like, what common law versus a spouse is and who has an obligation to your state, even if they're not in the will?
Cadeem Lalor:Is there any sort of thing that you notice that should not be included in a will, that should be done verbally as opposed to in contract?
Stephanie Battista:That's a great question. I mean, it never hurts to have it in the will like the funeral wishes, even though we do say tell your loved ones, it also doesn't hurt to have it in the will. Some of the things you may not want to include is it's more like for privacy reasons. So if you go through probate, your will does become part of the public record. So if you have a long winded answer about why you're cutting out one child, and here are all the reasons, well, then anyone could technically go and see your will and see that. So sometimes we do say, you know, there's something called like a letter of wishes that you can make with your will to separate document, it's not as enforceable as well, but it's just to set out you know, to your loved ones, what you were thinking about with the distribution of your will, and that could be kept outside the probate application and just go to the loved ones.
Lauren Bird:That's so juicy, though.
Stephanie Battista:I know, right? I've never seen one. I mean, I would love to have like gone to the court record, like look through that.
Lauren Bird:I bet there're some good ones.
Stephanie Battista:There must be because like sometimes you'll have like an omission clause. Like I acknowledge that I'm not including my son. But then the client wants to go one step further and explain why and I'm like, don't do it. Just leave it be like you're already causing emotional strife. Like let's not worry about that.
Lauren Bird:Do you find people cut people out a lot?
Stephanie Battista:You can, I wouldn't say a lot, but it is, you know, you are allowed to aside from some cases, including like spouses and dependents, you know, it is what you want to do. That's why having a will's important versus not having a well because the law dictates what to do with your stuff when you don't have a will but a will is really your last wishes. And it's not always juicy when people cut out family members. Sometimes it could just be that somebody else maybe needs a little bit more. You know, someone might a child might be established and have their own finances and really, their sibling needs a little bit more of a helping hand. So it's not always juicy. Yeah, I will say in my line of work, I have not had that many juicy cases, unfortunately. Or I guess fortunately, I don't know,
Cadeem Lalor:I guess one thing I want to touch on because like, as a term power of attorney does come up a lot if we're able to kind of explain exactly what that means.
Stephanie Battista:Right. So a power of attorney, it's an often overlooked document, but it is separate from your will. So A will just to take it back a bit a will is something that only comes in effect on your death. So it's a document that sets out your wishes, but you know, it has no effect while you're alive, obviously, you die, then it comes to effect. Power of Attorney, however, is something that is during your lifetime. So this would be there are two types of powers of attorney, there's one for property and one for personal care. And they come into play if you're incapable of managing your property, and handling your personal care. So property deals with obviously all financial assets, you know, how to deal with your money, how to deal with your house. And then personal care is, you know, day to day health and nutrition.
Lauren Bird:And are the two clearly labeled, like I'm sitting here wondering which one do I have?
Stephanie Battista:Yeah, they should be clearly labeled. If they were done correctly, typically, they are done in tandem. So if you went to a lawyer, and if your dad's a lawyer, I'm assuming that you did get both. But that'd be something to check on, you know that you have one for property and one for personal care, because they are different rules.
Lauren Bird:That's interesting. How important is it to have like a power of attorney?
Stephanie Battista:So something that people don't know is that if you don't have one, and you unfortunately, become incapable, somebody has to apply to the court for a guardianship. So your loved ones would have to, you know, again, do a court process, show the court how they're going to manage your assets, you know, they're going to have to keep their accounts updated with the court, it's a long process. In my experience, it can be expensive, especially if you have two people fighting over the guardianship. And it could have all been avoided by just having a power of attorney document.
Cadeem Lalor:So mainly, you mentioned if you're physically incapable, but are there any other situations where it's still kind of a vital document?
Stephanie Battista:Right? So it's actually when you're mentally incapable or physically incapable. So it's more just if you don't have any capacity to make those decisions on your behalf.
Lauren Bird:And how do you choose a power of attorney.
Stephanie Battista:Right. So that I mean, it comes down to who you trust, it's very similar to you know, deciding who is a great executor. Um, so ultimately, it should be someone that you trust, someone that is likely alive or like able to do it. So again, maybe someone around your age, it doesn't need to be the same people. So, who's your power of attorney for property does not need to be the same as your attorney for personal care, because it's very different set of skills. So property, you might want to appoint someone who has some financial experience is capable of doing the day to day banking and all of that. Personal care doesn't necessarily need to be like that. It could just be someone who understands what your wishes are for your life. And anything downtime, even hygiene, daily hygiene, like I can get very specific.
Lauren Bird:No way.
Stephanie Battista:Yes.
Lauren Bird:So like, you set out those guidelines.
Stephanie Battista:You can set up those guidelines, and you can do like a living will or a letter of wishes. And I've seen people in the past say that, you know, if I become incapable I want to get my hair done, every week. Like, they'll put that in there. Just so the attorney knows what your wishes are.
Lauren Bird:Oh, I love that.
Stephanie Battista:Yeah, it's kind of nice.
Lauren Bird:Yeah.
Cadeem Lalor:I didn't know it could get that specific. So that's definitely good to know, I guess I should get on it.
Stephanie Battista:At your age, you might not need to go that specific at this. You know, hopefully, that doesn't happen. It's usually, you know, older clientele that maybe get used to the day to day details, but having just the document in place is definitely the right first step.
Lauren Bird:I feel like I would try and treat myself better than I do now.
Cadeem Lalor:I think so, too.
Lauren Bird:Get my nails done every week.
Cadeem Lalor:I'd be big on the self care at that point, so-
Stephanie Battista:Right? like just all my money. Beneficiaries.
Lauren Bird:I'm gonna look the best I've ever looked.
Stephanie Battista:Exactly.
Lauren Bird:One of the things we talked to Hannah, about like that, you know, she was concerned about was the cost of, you know, going to a lawyer and getting a will. How expensive can it get?
Stephanie Battista:That... I mean, it depends. I know, I've kind of used that answer a lot. It's the typical lawyer answer. It really depends on where you go. One thing that's great is that there are a lot of lawyers in Canada, there's a lot of lawyers in Ontario, and there are a lot of good lawyers. So really, you have to maybe do a bit of research, it's not going to, you know, your first Google search is not going to necessarily be the person who's the right fit for you. So the prices vary wildly. And you have to look at your situation. You know, if you're young, this is your first will, your assets are relatively simple. You don't need to go to the Bay Street firm and you don't need to go to the partner who is 50 plus years of experience. They would do an amazing job but the fees might not be in line with what you're thinking. So it's just a bit of doing a bit of research. One thing I also tell clients is, yes, you're going to have to pay money for this but look at it as you know an ins- type of insurance. You you would pay car insurance, if you had a car, you'd pay, you know, house insurance, if you have a home, like this is just another thing that you kind of have to put that money in to make sure it's done. And it's done. Right.
Lauren Bird:And once you have it, do you keep it with you? Like, where should you keep it?
Stephanie Battista:Oh, that's such a good question. And clients sometimes put it in the worst places ever, which I will tell you about. It depends on sometimes the lawyer to I know our firm will hold on to the originals in safekeeping in, like, a locked, fireproof safe, but it's up to the clients discretion on that. So sometimes they don't want us to hold on to it, and they want to hold it on to them themselves. So my thing is what I always tell clients, if you do want to hold on to it yourself, do not put it in a safety deposit box, because an executor can't access it without a will. But the will is in there. So it's like again, like the chicken and the egg like what comes first. Don't put it in, you know a personal lockbox that no one has the key to take good care of it, like put it with your safe papers, make sure it's somewhere private and accessible by your executors not to be self serving, but leave it with the lawyer. So that would be my first suggestion.
Lauren Bird:Like, should you tell people where it is just your executors?
Stephanie Battista:You should definitely let your executors know. Whether or not you want to let them know what's in the will is going to be a private, you know, that's a personal choice. Sometimes it's better not to let the beneficiaries know, because your will might change in 10 years, and they might not be beneficiaries. And that's your right to do it. So let the executors know that, hey, I did a will. It's in safekeeping at this lawyer's office, and if anything happens to me, you know, the executor knows where to go.
Lauren Bird:Yeah, they would have to know who your lawyer is go to the office.
Stephanie Battista:Right, I mean, that's obviously best case scenario. If they don't know there are, you know, methods to try and locate the will. So you could put a notice out being like, I'm looking for the will of this deceased person. And hopefully, you know, the lawyers, all estate lawyers are reading it and like, Oh, I know that person
Cadeem Lalor:Kind of like a forum, almost?
Stephanie Battista:Yeah, exactly.
Lauren Bird:And once you have done it, how often should you redo it, like you mentioned, 10 years from now someone might not be in your will.
Stephanie Battista:Right. So my rule of thumb, tell my clients, if they're listening, they'll know what it is, you should be reviewing it every three to five years, not necessarily with a lawyer, but you should be pulling it up reading it, making sure it's still in line with what you want to do. There are certain life events, however, that you know, does trigger an update sooner changes in marital status, children, grandchildren, which would be years from now hopefully, there have been more updates before the grandchildren come, you know, changes in your assets, whether it's an increase or decrease, and also changes in your beneficiaries circumstance. So whether it's removing them, or maybe Unfortunately, one of them is in a tougher spot now. So you might want to put protective terms on their inheritance. So those are kind of some of the triggering points, but every three to five years, please read it. You don't have to go to the lawyer, but just read it to make sure it's what you want.
Cadeem Lalor:I guess we also had the case that we're thinking of, you know, this accidental death at times, are you kind of worth more in debt than you thought you would be Have you ever come across those instances someone dies, due to say, individual or company negligence, and then there's basically, there's a big payout that maybe might not have been expected,
Stephanie Battista:Right. So I mean, that's something that, again, helps with a will because you know, your executor is that you have someone who is able to deal with it and handle it. And if there's a lawsuit, for example, they can take it on on behalf of the estate. If more money comes in. I mean, it's always a pleasant surprise. Sometimes it's the opposite where there's less than what was expected. But you know, it doesn't change the distribution plan of your will. Right? If you have a will. And you say it's divided in three shares. It's just that each person is going to get a little bit more now. But yeah, so I think it's a, I don't wanna say to happy surprise, but you know, it's it's more, you know, sometimes-
Lauren Bird:Silver lining.
Stephanie Battista:-anyway, yeah. Silver lining. I guess that's terrible. But it is, it is what it is.
Lauren Bird:And we can't joke about death. What can you joke about?
Stephanie Battista:I know, right, exactly. My certainty. Yeah.
Lauren Bird:Exactly.
Stephanie Battista:think that they have nothing, what's the point, blah, blah, blah, nothing's going to happen to me. You know, it's such a simple task to do. And it's so important because you are leaving your family and your loved ones in a difficult place. They're already emotional with the loss of you. So you know, try and make something at least one thing easier for them. So I do encourage a lot of young people to think about a will, it's something that is definitely more helpful than not, I'll tell you that.
Lauren Bird:It, like for your average millennial, how long do you think it would take to you know, go and sit down with a lawyer and actually go through it?
Stephanie Battista:It does not take that long at all. I will say the reasons wills typically take longest because of the client because of their own life like they have a hard time taking the time out to meet with the lawyer. Usually, at least in my practice, the longest part is prepping for the meeting and doing the first meeting. Once you get over that hurdle. It's smooth sailing good. just reading the draft and hopefully being happy with it and signing it. So, you know, depends on the capacity of the lawyer, but it could take a few weeks could take a few months. So it's not a long process. It doesn't have to be a long process, I should say, Wow.
Lauren Bird:I feel like I've learned so much today.
Stephanie Battista:There. Yeah, there's definitely a lot out there. And, and I know it's hard because I again, it depends, but it's definitely a complicated process. But a will make things simpler.
Lauren Bird:Yeah, I feel woefully underprepared. Like,
Cadeem Lalor:Yeah, same.
Lauren Bird:Well, thank you so much for coming in-
Stephanie Battista:You're welcome.
Lauren Bird:-and giving us this whole breakdown.
Stephanie Battista:Yes. Thank you for having me. Um, Cadeem, get a will.
Cadeem Lalor:I will, I will.
Bethan Moorcraft:And that was Half Banked. If you liked this episode, be sure to subscribe, rate and review us on Apple, Spotify or wherever you're listening to this podcast.
Cadeem Lalor:Special thanks to executive producer Samantha Emann and producers Kevin Hamilton, Jenny Potter, Shane Murphy, James Battiston, Marie Alcober and technical producer Muhammad Tabish. This episode was edited by Vocal Fry Studios.