Defining why Wills are important normally becomes a list of major reasons, like the following:
Control: Having a will allows you to control how your assets will be distributed after your death.
Avoiding Intestacy: If you die without a will, your assets will be distributed according to Ontario's intestacy laws, which may not align with your wishes.
Appointing an Executor: You can appoint someone you trust to manage your estate after your death.
Appointing a Guardian: If you have minor children, you can appoint a guardian to take care of them if you die.
Tax Planning: A will can help minimize the tax burden on your estate and beneficiaries.
Charitable Donations: If you have a favorite charity, you can make a bequest to it in your will.
Business Succession: If you own a business, a will can help ensure its smooth transition to your chosen successor.
Avoiding Family Conflicts: A well-drafted will can help avoid disputes between family members over the distribution of your assets.
Pet Care: You can use your will to specify who will take care of your pets after your death.
Peace of Mind: Having a will in place can provide peace of mind knowing that your wishes will be carried out after your death.
Once the decision is that you need a will at this point in your life, the next natural question becomes what do I need? Before drafting a will, there are several important things to consider to ensure that your wishes are accurately reflected and legally binding. Here are some key considerations:
Assets and liabilities: Take an inventory of all your assets and liabilities, including bank accounts, real estate, investments, debts, and other personal property. This will help you determine how you want your assets to be distributed and how to address any outstanding debts.
Beneficiaries: Consider who you want to name as your beneficiaries and how you want your assets to be distributed. Be sure to take into account any legal obligations, such as spousal support or child support obligations.
Executor: Choose an executor who is trustworthy, responsible, and able to handle the administrative duties of settling your estate. Make sure to discuss your decision with them beforehand and obtain their agreement to serve in this role.
Guardianship: If you have minor children, consider naming a guardian to take care of them in the event of your death. This is an important decision that requires careful consideration.
Special instructions: If you have any special instructions, such as funeral arrangements or specific bequests, make sure to include them in your will.
Legal requirements: Ensure that your will meets all the legal requirements in Ontario. This may include requirements around witness signatures, age of the testator, and other legal formalities.
Review and update: It's important to review and update your will periodically, especially if your circumstances or wishes change. Make sure to keep your will in a safe and secure location, and inform your executor of its location.
Overall, it's important to take the time to carefully consider these important factors before drafting a will to ensure that your wishes are accurately reflected and legally binding. Consulting with an experienced estate planning lawyer can also be helpful in guiding you through the process and ensuring that your will meets all the legal requirements.
These are important matters to consider, but in the end a personal conversation is the most important. In person, or by video, we can Answer your Questions!
Orlando Santos J. D. M.B.A.
Our experienced wills lawyer provides cost-effective solutions to help you protect your assets and plan for the future. With years of experience, he understands that each client has unique needs and financial circumstances, which is why we offer flexible payment options and transparent pricing.
We specialize in wills, probate, and power of attorney. We are committed to providing you with high-quality services that fit within your budget. We will work closely with you to ensure that your assets are protected and your wishes are respected.
Contact us today for a free consultation and take the first step towards securing your future without breaking the bank.
Our affordable estate planning and will drafting services are here to help you achieve peace of mind.
