You may be surprised to learn that when it comes to estate planning and wills, Canadians tend to procrastinate. In fact, according to a recent study, almost half of Canadians do not currently have a legal will in place!
Although admittedly not the most cheerful topic, a legal will is essential to ensure that your family is protected in the event of your death so that your assets are distributed according to your wishes. If there is no legal will in place, the Province will decide what to do with your assets – a fact that many Canadians are not aware of. When there is no will in place, there are additional expenses and sometimes lengthy delays while the courts process the estate information and appoint someone to act as your personal representative – someone you may not have wanted to act in that role. With so many people in Canada without a will currently, these cases are often backlogged in the judicial system, which naturally doesn’t help loved ones who are already grieving.
When creating your own will, or supporting others who want to set one up, there are a couple of options to consider. You can visit a lawyer who can help you draft your will and provide you with pertinent legal advice, or, you can consider a “do-it-yourself” will kit. The choice is up to you, and really depends on your needs and circumstances. There are, however, a few important things you should know before you choose the DIY route when creating your will:
- Legal advice
Although DIY will kits may be a little easier on your wallet, it’s important to note that these options do not provide any type of legal advice. Unless your will is very simple and straightforward, you will benefit from the advice of a legal professional as you go through the process of creating your will; advice that may prevent any costly issues in the future. Investments, property, and business accounts for example can be quite complex to navigate, and your lawyer can help you through the labyrinth of paperwork involved to simplify it all.
Legalese
Do you speak legalese? Most people don’t. Legalese is the strange language used by lawyers when creating legal documents. Unfortunately, if you choose to create your own will, you may run into some legalese that you don’t understand – or you may misuse or misinterpret certain phrases that could render your will ineffective.
- Provincial laws
It’s also important to note that, in Canada, laws vary from province to province. As such, a generic, DIY will kit may not take into account the specific laws that are applicable in the province in which you live. A lawyer, on the other hand, is well-versed in the laws specific to your province and will ensure that your will conforms to these specific regulations.
- Your unique needs and circumstances
As you are well aware, families and family structures are unique. You and your assets are also unique, and it makes sense that you would have specific wishes for the distribution of those assets after you pass. As such, a one-size-fits-all DIY kit may not be flexible enough to cover different family dynamics and structures or your own individual wishes. In this case, a lawyer will be better able to create a will that accurately reflects your specific needs and circumstances.
If you or your loved ones have made creating a legal will a priority in 2018, well done! That’s a great first step to ensure your rights and the rights of your family are protected. You’ll feel so much better when it’s done, and you’ll have the peace of mind knowing that you have safeguarded your assets, no matter how small or large they may be. For legal advice and any information regarding wills in the Bracebridge and Muskoka area, you can count on our expert team at Ares Law! Connect with us today by calling (705) 645-8743.
