I’m young and healthy – do I really need a will? It’s a common question when you’re in the prime of your life and focused on priorities like your career, raising a family or saving for your forever home or cottage in Muskoka; estate planning and creating a will is likely low on your list of things to do. For many people, it may even seem a little morbid.
Although not the most pleasant topic to consider and discuss, having a will in place is a very important step you can take to ensure that your family and assets are protected if something were to happen and ensures that your wishes are carried out.
Where there’s a will….
When someone dies and there is a legal and valid will in place, the wishes expressed in the will are, for the most part, followed – usually after any debts and funeral costs have been covered. There are some exceptions, however. If a person is married or divorced after the will has been created and has not updated it, the will essentially becomes null and void. As such, it’s important to update your will after any major life event or change.
What happens when there is no will in place is a different story. Without a will in Ontario, the division of your estate falls to Ontario’s Succession Law Reform Act. This Act specifies certain rules for your beneficiaries. According to the Act, if the deceased person was married, the first $200, 000 will go to their spouse, unless a dependent makes a claim. Beyond that amount, the remaining estate is shared between the spouse and dependants according to the rules and stipulations set out in the Act.
What should your will cover?
Convinced a will is a good idea? You may now be wondering what exactly you need to include within your will. A lawyer specializing in estate planning can help you figure out what you’ll need to include and the best way to make sure your family is taken care of if the unthinkable were to happen. There are certainly some basics that you will need to cover. If you are a parent of younger children for example, you’ll want to set out in your will who should become the legal guardian of your children if both you and the child’s other parent dies. Outlining what happens to your assets and possessions is also an essential part of the process, and finally, you’ll want to appoint an executor for your will.
A ‘living will’ or Power of Attorney for Personal Care is another consideration. Essentially, a living will outlines your wishes for care in the event you become ill and are not able to communicate how and even if you would like treatment to happen.
Should I DIY my will?
Another common question is whether DIY will kits will suffice when it comes to planning your estate and creating your legal will. Although DIY kits are often less expensive than working with a lawyer, and may indeed work in some cases, it’s important to note that these kits really are do-it-yourself. This means that if you choose to go with this option, you will won’t have the advice of a lawyer who specializes in estate planning. It’s also likely that you won’t be familiar with the legal jargon and the provincial rules and regulations in place, which can be problematic and may impact your ability to create a valid, legally binding last will and testament.
Preparing and creating your will and planning your estate is an important step to take to prepare for the unforeseen; you want to feel confident that your rights and wishes are followed and protected if the unthinkable were to happen. At Ares Law, our legal team specializes in working with families in Muskoka to plan for the future and plan their estate. Connect with us today at (705) 645-8743 to see how we can help.
