Do you have questions about estate planning and your will? You’re not alone. In fact, many Canadians are often unsure about what is involved in planning their estate and creating a legally binding Last Will and Testament. To help you gain a better understanding of what is required to protect your wishes, here are the top 10 things you should know about creating your will.
1.) You can DIY
You may or may not know that you can actually create your own will by using a do-it-yourself will kit. If used correctly, the will you create is legally binding. However, it’s important to keep in mind that you won’t have the benefit of working with and consulting a lawyer during this process & it can be complicated if you’re not familiar with the terminology.
2.) Most Canadians don’t have a will
A surprising statistic about wills and estate planning in Canada – a large percentage of Canadians do not have a legal will in place. In fact, recent stats show that approximately 48% of Canadians do not currently have a will.
3.) You should update your will after a major life event
Recently married or divorced? You may be surprised to learn that any will you had in place prior to these events is not valid after your marital status changes.
4.) You need to choose a will executor
When you create a will, you need to choose an executor. An executor has a range of duties and responsibilities, including arranging the funeral, paying any debts that the deceased owes, appraising assets and distributing the deceased’s assets. As such, it’s important to choose the executor of your will very carefully.
5.) You need to keep copies of your will in a safe place
Copies of your last will and testament need to be kept in a safe place. It’s a good idea to keep one copy in a safety deposit box outside your home and another copy in a locked file cabinet or fire-proof safe in your home office.
6.) You should review your will periodically
Change is a fact of life. Changing relationships, family dynamics and financial situations means that it’s important to review and potentially change your will from time to time.
7.) It’s a good idea to have a living will
Having a Power of Attorney is important. Basically, a Power of Attorney allows you to select someone to make your decisions for you if something happens and you are no longer capable of making decisions or taking care of your affairs.
8.) If you die without a will, the government will not take all your assets
It’s a common misconception that if you die without a will, referred to as intestate, the government will assume all your assets. This, however, is not the case, but it does get complicated and held up in the courts, with fees attached to this process.
9.) Ontario’s Succession Law Reform Act may dictate who inherits your assets
Dying without a will does involve government intervention, however. If you die intestate, Ontario’s Succession Law Reform Act will dictate who inherits your assets.
10.) Having a legal will help ensure your wishes are followed and protected
Overall, creating a legal will and planning your estate is an important way to ensure your rights and wishes are protected, as well as protecting and caring for your loved ones after you’re gone. Although wills are sometimes contested in court, it remains a much better safeguard than no will at all.
Are you still unsure where to start when it comes to planning your estate and creating a will? We can help. Our experienced legal team specializes in helping clients in the Muskoka area with estate planning and wills. Connect with Bernie Keating and the Ares Law team today at (705) 645-8743; we’re here for you.
