Many people believe that creating a will requires the services of a lawyer, but this isn't always the case. Below, I’ll expand on a lawyer’s role in your will and explain how they can be helpful in certain circumstances.
Whether you’re in the process of creating your will, have already created your will, or are just curious and planning for the future, here are some helpful tips to make sure your final wishes are honoured.
Technically speaking, you can create your will completely without ever involving a lawyer. That being said, a lawyer can help ensure that your final will and testament is executed exactly as you intended.
The last thing that you want your family to worry about as they mourn your passing is an argument over your will and your real intentions. Having a legally sound last will and testament eliminates any confusion for your loved ones.
The executor is the individual you appoint with the responsibility of reading your will and distributing your assets as outlined in the document. Aside from creating the will itself, the individual you choose to execute the will is the most important decision you’ll make.
It’s not uncommon for individuals to appoint a lawyer to execute their will. However, the executor is not required to have any official legal or financial experience. The main requirement you’ll want them to have is honesty and impartiality.
Today, anybody can easily create their own will without legal counsel by using affordable online tools like Willful, LegalWills, or other will templates. These DIY will kits make it easy to list your assets, itemize your belongings, and name the beneficiaries who will receive them.
One of the main advantages of creating your own will is the cost savings. Lawyers don’t come cheap, and DIY options allow you to allocate those funds elsewhere.
These kits are designed to guide you through the process of creating your will, ensuring that you include all the necessary components of a legally valid will.
In Canada, the usual requirements are that a will must be in writing, signed by the testator (the person making the will), and witnessed by two individuals who are not beneficiaries.
These will kits are simple, easy to use, and are generally ok to use for most people. However, if you have a large number of assets, complicated ownership structures, stake in a business or multiple businesses, or large amounts of money that will be passed on in your will, I would definitely recommend that you have a lawyer look over your will.
They will be able to provide you with the information you need and can suggest edits to ensure that there aren’t any loopholes that could be left open to misinterpretation.
I recommend hiring a lawyer to draft your will if you can afford it, especially if you're unsure about using a will kit. Even with a straightforward situation, it's best not to take any risks with something so important.
You’ll need to update your will at least several times throughout your life. As your life changes, so will your will. Some of the instances that may call for changes to your will include:
To ensure that your will is as updated as possible, make sure that you frequently update your will as your life continues to change.
Many people don’t even consider starting their will until they’re well into the middle of their life and have some assets under their belt. However, you can write an official will if you’re as young as 16 in British Columbia, and between 17 and 18 in other provinces.
Even if you’re younger and just have a few thousand dollars to your name and a car, these still count as assets which you may want to pass on to your loved ones or a charitable organization. If you have one or more beneficiaries in mind who you want to ensure receive your assets and money, a will is the best way to accomplish this.
Interested in learning more? Keep on reading to dive deeper into the complexities of estate planning.
Christopher Liew is a CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers on Blueprint Financial.
Do you have a question, tip or story idea about personal finance? Please email us at dotcom@bellmedia.ca.
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