You’re at that juncture where you’re thinking about preparing a Will and securing your loved ones’ financial future. That’s a step in the right direction! As you’ve no doubt reminded yourself a dozen times already; this task holds a lot of weight.
This document is meant to protect your loved ones, property, investments and legacy. No matter how old or how wealthy, a Will is a huge part of your financial plan, and can be written at any point in time and updated throughout your life.
Surprisingly, about 56% of Canadian adults do not have a legal Will prepared. To protect your estate and your loved ones, make sure you aren’t part of this statistic.
Before putting pen to paper though, there are quite some things to keep in mind. Planning a Will is actually harder than drafting it. This is why we strongly urge you to get in touch with a qualified Will planning lawyer in Toronto today.
Duensing Law is one of the top Will and estate lawyers in the GTA. We provide professional legal advice regarding end-of-life matters such as preparation of Last Wills and Testaments, Powers of Attorney, Trusts and Health Care Directives. With the proper legal assistance, you can draft a Will in a very economical way.
Here’s what you need to consider when planning your Will;
Appointing an Executor
This is a personal representative who is primarily tasked with handling your estate, and should, therefore, be somebody you trust implicitly. There is a tremendous amount of paperwork involved with administering an estate, and you need someone who is both organized and reliable.
We recommend selecting this individual ahead of time and sharing with them information about how to locate important documents, insurance policies and passwords for online financial accounts.
Appointing a Guardian For Minor Children
Upon one parent’s passing, the other usually assumes custody of minor children. However, if both pass away or if the remaining parent is deemed unfit, the court will examine the decedent’s Will and determine who assumes guardianship of the children. Remember, if you do not put your wishes in writing, this decision is taken out of your control completely.
When considering a guardian, you want someone who is able to offer stable and consistent care and has the moral aptitude to care for your children. Be cautious when appointing more than one guardian as the finer details of co-guardianship will then have to be meticulously overseen to avoid future conflicts.
Choosing Beneficiaries
Your spouse, children, extended family or favourite charity might be among the beneficiaries of your Will. If you’re married, assets generally pass to the surviving spouse.
Being that as it may, it’s still important to factor in “what if” scenarios. For instance, if this is your second marriage, you may want to pass your assets from the previous marriage to your children instead. Make sure your Will clearly defines the property you own outright and what you co-own with a business partner or spouse.
The Drawback of Online Will Services
Considering an online Will service? We recommend steering clear of these for a couple of glaring reasons;
Firstly, these services come with plenty of disclaimers stating that they aren’t responsible for the manner in which you use their forms. These companies do not undertake to legally or reliably address your pressing concerns, nor do they ensure that the Will is correctly signed and witnessed so as to comply with legal norms.
Considering your Will has such grave implications in protecting your family and assets, it’s best to remove these uncertainties.
A lawyer will precisely answer any questions you have, make sure there are no errors, and prepare an airtight Will using the expertise they’ve gleaned over years upon years of preparing Wills for all manner of clients. A lawyer will also be able to anticipate future issues pertaining to your specific scenario and help you mitigate these in the present.
Appointing a Wills Lawyer
A Will drafted under qualified legal supervision is well worth the time and money!
This is perhaps one of the most important factors of all to ensure the smooth transition of your assets.
You also get to enjoy peace of mind knowing your assets will be administered as per your directions, and that the Will complies with all relevant provincial laws. A lawyer can also advise on the best tax advantages for your heirs and estate and make allowances for the particulars of your case.
Another lesser-known benefit of getting a lawyer on your side; ensuring that the executor isn’t negligent when administering your estate.
We Offer Reliable and Affordable Legal Advice For Wills And Powers of Attorney
At Duensing Law, we recognize the immense responsibility of preparing a Will properly and updating it as your life circumstances change. We strongly urge you to play it safe and avoid putting your family through unnecessary legal hassles later on.
It’s never too early to start planning your Will. Contact us today for trusted and affordable legal counsel.
Kindly note that this content is intended to serve as general information and not legal advice.
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