Thinking about getting your last will and testament drafted up? That’s great news, especially because almost half of all Canadians don’t have a current will, and that can pose all sorts of concerns for you and your family. Having a will in place helps ensure your assets are distributed according to your specific wishes, and if you have dependent children, it outlines who you’ve appointed as guardians in the event of your death. If you’re thinking about saving a bit of money and drafting up a “Do-It-Yourself” will kit, we’ve outlined some of the top considerations to help you best protect your assets and make an informed decision.
Legalese
The technical, meticulous “legalese” in most legal documents (including a will) has been known to trip up a lot of people. There are terms, phrases and specific details that the average person may not have ever come across, but they are legally binding nonetheless. If you go it alone and draft up your own will, it’s important to do your research to understand each and every line of text to avoid any issues that may negatively impact the validity or accuracy of your will.
Legal advice
If your will is very basic and clear-cut with a few straightforward assets listed, then a DIY will kit might be sufficient, assuming it’s been signed and witnessed appropriately. However, for people who have a variety of assets, investments, beneficiaries, taxes, trustees and so on, you’ll want to consult with a legal expert who specializes in wills and estate planning. When you retain the services of a legal team to help draft up our will, it’s their job to help you understand and process the often-complicated paperwork involved. Further, with their experience and thorough understanding of the law, they will be familiar with most every variety of personal, financial and family situations imaginable. As a result, they’ll better understand your unique state of affairs and ensure your will covers everything you need it to.
Provincial laws
Depending on where you live in Canada, the laws regarding your will and estate will vary. Make sure your DIY will kit is specific to your province and reflects current regulations and laws.
A DIY will kit is often better than no will at all, because when there is no will in place, there are additional expenses, paperwork and delays involved. Furthermore, decisions about your assets or even your dependants may be made by someone you don’t want in that role. However, for a thorough and legally-binding last will and testament that you can depend on, work with a trusted legal team. You’ll be relieved to get sound, professional advice while not having to worry about whether or not your will is binding. Safeguard those assets and clearly outline your final wishes with the help of the Ares Law team in Muskoka; connect with us today by calling (705) 645-8743. We’re here for you.
