Today, we are going to discuss things that you need to know when you are writing a will. Let’ begin.
1) What is a Will?
A will is a legal document where you mention who will manage all your estate and who will be the beneficiaries of your estate after death. These estates will be managed by an executor. A will can decide who can be the guardian for your children and who can be the beneficiary of your properties.
2) Do I need an attorney to prepare my will?
No, it is not mandatory to hire a lawyer to make a will. But a lawyer can assist you regarding your estate planning. A will must meet the legal requirements of your province, whether it is written by you or drafted by a lawyer. If you have significant wealth your beneficiaries will be inheriting and if you feel that the beneficiaries may end up in conflict, hiring a wills lawyer is better to ensure the will is drafted accurately. The law is often complicated and a person unfamiliar with it can easily make costly mistakes.
3) A joint will or separate wills for me and my spouse
Joint wills are not suggested by the estate planners. You and your spouse are not going to die together, and it is possible that both have their own different properties. It is better to prepare separate wills for both.
4) Who should act as a witness to a will?
A person of sound mind above the age of majority (which is 18 in Ontario and several other provinces) is qualified to be a witness. No beneficiary named in a will or the spouse of a beneficiary should ever be a witness, as this would usually make the bequest to that beneficiary void.
5) How do I leave particular items to specific beneficiaries?
It is possible to leave particular items for specific beneficiaries. You just need to indicate all these things in your will. Another option is to create a separate document that is called a letter of instruction and put it with your will.
6) Who should I name as my executor?
A spouse, an adult child, a relative or a trusted friend can be named as an executor in your will. However, it is a significant responsibility and the person should be somebody who is comfortable in dealing with complex financial matters. As an alternative, you can designate a professional such as a lawyer or accountant or a trust company as executor, and they will charge a fee for this service.
These are some different information that you must-have when you writing a will. If you are looking for a will lawyer in Toronto who can help you with all your will related questions, then call us at 416-504-2259. We are happy to help.