My wife realized that we needed to update our wills as it has been some time since we completed our wills and that, many things have changed since they were created. Change in finances, assets, property, and of course, the boys are now men. She was soooo right!
After contacting the lawyer to see how much it would be to update our will and, finding out the cost, I decided to look into will kits and online services. We decided to use Willful Canada an online will service to redo our wills and are happy we made this choice. Our wills will be complete, legal, and registered, as well, we can make updates as needed all for less than 1/3rd of what it would cost with the lawyer. However, it’s not all about the cost, it is about the importance of having a will in place to take care of your loved ones and not letting the government take all your stuff.
This post will guide you through the importance of having a will, especially focusing on the specifics relevant to Ontario, Canada. Enjoy!
Planning for the future isn’t always pleasant, but it’s essential. One of the most crucial steps you can take is creating a will. A will is a legal document that outlines how you want your assets distributed and who you want to manage your estate after your death. It’s not just for the wealthy or elderly; everyone should have one.
Who Needs a Will?
The simple answer is: everyone. Whether you have substantial assets or a modest estate, a will ensures your wishes are respected. If you die without a will (intestate), the government will decide how your assets are distributed, which might not align with your intentions. This can lead to lengthy legal battles and added stress for your loved ones.
When Should You Create a Will?
The best time to create a will is now. Don’t wait until you’re older or facing a health crisis. Life is unpredictable, and having a will in place provides peace of mind knowing your affairs are in order. Key life events, such as marriage, the birth of a child, divorce, or significant changes in your financial situation, are all excellent times to create or update your will.
What Needs to be Included in a Will?
A comprehensive will should include:
- Identification of the Testator: This clearly states who the will is for.
- Appointment of an Executor: This person will be responsible for carrying out the instructions in your will.
- Distribution of Assets: Specify who inherits your property, belongings, and other assets.
- Guardianship of Minor Children: If you have children under 18, name a guardian to care for them.
- Specific Bequests: You can designate specific items or amounts of money to particular individuals or charities.
- Residuary Clause: This covers any assets not specifically mentioned in the will.
Ensuring Your Will is Legal and Valid in Ontario
In Ontario, a will must be in writing and signed by the testator (the person making the will) in the presence of two witnesses who also sign the document. The witnesses cannot be beneficiaries of the will. Certain requirements must be met for the will to be considered legally valid. It’s crucial to adhere to these requirements to avoid challenges to your will after your passing.
Where Can You Get Your Will Completed?
You have several options for creating a will:
- Lawyer: Hiring a lawyer specializing in wills and estates is often recommended. They can provide legal advice and ensure your will is properly drafted and executed.
- Will Kits: Legal will kits are available in Ontario, providing templates and instructions. However, these may not be suitable for complex situations.
- Online Will Services: Online platforms like Willful Canada offer guided processes for creating wills. These can be a more affordable option than hiring a lawyer, but it’s essential to choose a reputable service.
Do You Need a Lawyer to Complete Your Will?
While not always legally required, consulting with a lawyer is highly recommended, especially if you have a complex estate or unique circumstances. A lawyer can help you navigate the legal complexities and minimize the risk of disputes.
The Role of the Executor
The executor is a crucial role. They are responsible for:
- Probating the will (officially proving it’s valid).
- Gathering and managing assets.
- Paying debts and taxes.
- Distributing assets to beneficiaries.
What are Beneficiaries?
Beneficiaries are the individuals or entities named in your will who will inherit your assets.
Power of Attorney (POA) for Property and Personal Care
A Power of Attorney (POA) is a legal document that authorizes someone you trust (your attorney) to make decisions on your behalf if you become incapable of doing so yourself. There are two main types:
- Power of Attorney for Property: This allows your attorney to manage your financial affairs, pay bills, and handle your property.
- Power of Attorney for Personal Care: This allows your attorney to make decisions about your healthcare, housing, and daily care.
Having a POA in place is crucial, especially if you’re concerned about potential incapacity due to illness or injury. It ensures that someone you trust can manage your affairs and make decisions in your best interest if you’re unable to do so. It’s important to choose your attorney carefully and discuss your wishes with them.
Updating Your Will and Costs
Life changes, so your will should too. Review your will periodically and update it as needed. The cost of updating a will through a lawyer can vary. Online services like Willful Canada can be a more cost-effective option for updates.
Additional Considerations
Beyond the basic will, consider creating a separate document listing your assets, including property, collections, jewelry, financial accounts, insurance policies, and even digital assets like social media logins and rewards programs. Keep this list secure but accessible to your executor.
Don’t Delay
Creating a will is an essential part of planning for your future and protecting your loved ones. While it might seem daunting or uncomfortable to think about end-of-life matters, it’s a responsible and loving act. Take the time to explore your options and create a will that reflects your wishes. Remember, you can always update it as your circumstances change. Your loved ones will appreciate the peace of mind knowing you’ve taken this important step.
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