Creating a Will – Wills and Estate Law
Here are a few things you need to know about the why, what and how of creating a Will.
Recent studies confirm that as many as 50% of Canadians don’t have a will. Writing a Will is a task that very few are willing to consider. At the same time, we should remember that life can be unpredictable and anything can happen to anyone, anytime.
If your family and loved ones don’t have access to a legal will after you’re gone, they may find themselves at crossroads and even the law may step in and take other actions. Imagine, what would happen to your children if you pass away before they grow up and are ready to go to college or university? If you don’t have a will or haven’t named a Guardian, their welfare and upbringing could get affected.
Simply put, a will is a legal document that states what you want done with your property after you are gone. A few examples of Wills that deal with property include any real estate you may possess, financial assets like money in the bank or investments, and any household assets that belong to you.
A Will is effective only after you pass away and can be changed any number of times any time. At the same time, it is prudent to update Wills whenever there are major changes in your life. The arrival of a new child or a death in the family, a marriage or a divorce or a new purchase of property are some of the instances when Wills can be updated.
Especially when it comes to estate planning, it is a very important time to hire an experienced lawyer who can help articulate the legal terms in an effective manner as per your wishes. When it comes to distribution of property and estate planning, it is often a very personal and emotional issue. Each situation is unique and requires an experienced lawyer who has assisted many through this sensitive process often.
Lastly, while it is advisable to keep a copy of your will safely, you could also hire your legal expertise to take care of your will.
The trusted legal team of Mackesy Smye is acknowledged across Ontario for their expertise in all areas of wills and estate planning.