Who doesn’t love the thought of saving money? There are so many things we can DIY these days and drafting up a Last Will & Testament is one of them. If you or your loved ones are thinking about finally tackling that will once and for all – good job! It’s very important to have a will, and you’ll feel a great weight off your shoulders when it’s all said and done…and signed. You’ll have peace of mind knowing your family is protected, you’ve appointed guardians for your dependent children, outlined an executor and that your assets go to exactly whom you have designated. If you are looking into a do-it-yourself will kit to do the job, there are important factors to consider that may or may not make it worth the while. We’ve listed some top concerns here:
Simple vs. complicated
If you are a single person with a few basic assets, straightforward finances, no dependants, and you have a solid grasp of legal terminology, a DIY will kit might work well for you. However, the more complicated your finances, assets, debts, family situation and health become, the more chances that your DIY will won’t meet your needs and that key issues will be overlooked or incorrectly documented.
Fine print & legal terminology
Legal documents such as wills naturally use “legalese” such as, “Whereas, said parties hereunto…” It can be very confusing for anyone outside of the legal profession and in some cases, you may not know what it is you are agreeing to. If your will contains errors as a result of you misinterpreting certain sections, it will still be legally binding unless a new one is drafted up. So, if you’re going the DIY will route, make sure you are well-versed on such language and that you’ve truly understood all the fine print.
Getting answers
Most DIY will kits offer basic instructions, but for the most part, you are left to your own devices to draft it up. There are some online DIY will kits that offer the option to get professional, legal advice, but you’ll likely incur additional costs. Before buying your DIY will kit, you’ll want to shop around and find the ones that have the best recommendations and reviews and be thorough when reviewing what is and isn’t included in your package. Don’t forget too that estate laws vary across Canada, so be sure to purchase a DIY will that was designed for your province. If you have questions while drafting up your own will, get the right answers. While the Internet can be helpful, look for accurate, current information appropriate for your province; otherwise, you’ll find yourself down a ‘research rabbit-hole’ for days or weeks on end.
When to choose a legal professional
As experienced lawyers who specialize in wills and estates, we’ve seen a lot of families thrown into heartache and confusion over a will they thought was valid, but wasn’t. While drafting up your own will is preferable to having no will at all, it’s advisable to retain professional, legal services that will hold up in a court of law. Yes, it may cost a bit more, but what you gain from having a proper will completed can’t be beat. You’ll also receive sound, legal advice along the way without the stress and worry of going it alone. Be sure to connect with the Ares Law team in Parry Sound and make an appointment by calling 705-746-6444. We’re the legal experts you want on your side when it comes to planning your last will and testament.
