Buying a home is a major financial milestone—and for many, it’s also a wake-up call to get their affairs in order. If you’re a homeowner and don’t yet have a will, now’s the time to start thinking about it.
A will isn’t just about who gets what. It’s about protecting your property and your family in case the unexpected happens.
Your home is part of your estate—so is your mortgage
When you pass away, everything you own and owe becomes part of your estate. That includes your home and your mortgage. If your name is the only one on the mortgage or property title, things can get more complicated for your loved ones.
A legally valid will ensures your wishes are clear and your home can be passed on or sold without unnecessary delays. Without one, your estate may go through a longer and more complex probate process—adding stress and legal costs at an already difficult time.
Planning starts with knowing how your home is registered
One important (but often overlooked) step in estate planning is understanding how your title is registered. Are you the sole owner? Joint tenants? Tenants in common? Each option affects how your home is handled when someone passes away.
If you’re unsure how your title is registered, I can help you find out—or connect you with someone who can. It’s an important detail that can make a big difference in how smoothly things go for your loved ones.
Insurance is another key piece of the puzzle
Along with a will, it’s important to make sure your insurance coverage still fits your needs. This includes mortgage life insurance (sometimes called creditor insurance) and any personal life insurance you may have. The goal is to ensure your mortgage can be paid off—or that your loved ones have the support they need—without having to sell the home in a rush.
Review your policies regularly, especially after major life events like buying a home, getting married, or having children.
Protect your family—and your investment
Having a will isn’t just for the wealthy—or just for homeowners. In fact, anyone over the age of 18 should consider having a will, even if they don’t own property. Most people have some form of assets, like a bank account or a vehicle, and without a will, it can be difficult for loved ones to settle those affairs.
If you’ve bought a home and haven’t yet created or updated your will—or reviewed your insurance coverage—it might be time to take that next step. And if you need a referral to a trusted professional, I’d be happy to connect you.
Paul Macara
Mortgage Professional
(250) 857-4741
paul@macaramortgages.com
