When it comes to creating their wills, Canadians have more choices than ever before. Whether you work with a lawyer, do it yourself, or use apps, it’s important to discover the best option for each circumstance. We are, after all, discussing the documents that will guarantee the well-being of your relatives and the preservation of your legacy.
Here are top ten reasons why you should hire a wills and estates lawyer to draft your will.
Legal Expertise: Preparing a will can be complex, and the laws surrounding wills and estates can be challenging to navigate. A lawyer specializing in estate planning can offer legal expertise and guidance, ensuring your will is prepared correctly and executed per applicable laws.
Personalized Advice: A lawyer can help you create a will tailored to your unique circumstances. They can offer advice on structuring your will to achieve your goals, such as protecting your assets or providing for your loved ones.
Estate Tax Considerations: Estate planning often involves strategies to minimize taxes and maximize the value passed on to your heirs. A lawyer can advise you on tax-efficient strategies, such as setting up trusts, creating charitable donations, gifting assets during your lifetime, or avoiding probate.
Special Needs Planning: If you have a beneficiary with special needs, it is crucial to ensure that their inheritance does not jeopardize eligibility for government benefits such as ODSP. A lawyer can help establish a Henson trust or other legal structures to protect your loved one’s financial security.
Avoiding Common Mistakes: Even a small mistake in your will can have serious consequences, potentially leading to disputes among your beneficiaries or even legal challenges to the validity of your will. A lawyer can help you avoid common mistakes and ensure your will is clear, accurate, and legally binding.
DIY tools are not for everyone: Several DIY tools for writing a Will are available online. They may be customized, but most of these templates are basic and may not fit your situation. Plus, you may suffer from use of non-specific language. If you do not have appropriate knowledge on writing a Will, your word usage may be vague. This may result in the misrepresentation of words used or non-compliance with the law. A lawyer’s experience and knowledge can help you write a Will that uses proper language customized to your situation.
Prepare for Contingencies: You have set assumptions in mind regarding the distribution of your assets before you start writing your Will. These assumptions may go wrong. What if you outlive the heir who you transferred a property? What if you outlive the executor who was supposed to execute the Will? If you leave an asset for your friend, what happens if the asset no longer exists when your Will is executed? The list of possibilities can be endless. Working with an attorney on your Will can save you from such contingencies.
Peace of Mind: Knowing that your will has been properly prepared and executed can provide peace of mind, allowing you to focus on other essential aspects of your life. A lawyer can help you create a comprehensive estate plan that takes into account all of the wishes of your loved ones after you’re gone.
Will Challenges: A lawyer can provide legal advice on how to avoid situations that expose your estate to claims by a spouse or child. A lawyer will also retain notes that may become useful during the administration of the Will or a Will challenge. If the capacity of the will-maker is challenged, a lawyer can provide proof to support the capacity of the will-maker.
Future Updates: Life is unpredictable, and circumstances may change over time. A lawyer can help you update your will as needed to reflect changes in your personal or financial situation. This ensures that you will remain up-to-date and valid and that your wishes are carried out following the law.
In summary, while it is not mandatory to hire a lawyer to draft a will, doing so can provide significant benefits, from legal expertise and personalized advice to avoiding common mistakes and achieving peace of mind. Working with a lawyer can help ensure that your will is properly prepared, executed, and updated over time, providing the confidence and security that comes with knowing your loved ones are cared for after you’re gone. And you can have a will for you and your spouse along with two powers of attorney each for less than the cost of your car insurance. Investing in a lawyer prepared will to protect your wishes is worth that expense.
The experienced team of wills and estates lawyers at Duensing Law is ready to help you put a plan in place for your estate. We are a law firm located in Toronto, Ontario focusing on legal matters relating to wills, probate, estate planning and estate litigation. Our diverse and experienced team will guide you each step of the way to ensure that your wishes are carried out. Call us or use our online tool to schedule a consultation.
Comments are closed.