Creating a Will: What Not to Do

11 Jan Creating a Will: What Not to Do

A 2017 Angus Reid poll found that roughly half of all Canadians don’t have a will.[1] There are any number of reasons – ahem, excuses – for this: they don’t like to think about dying; they’re too young; they have no assets. And nearly 1 in 5 Canadians doesn’t have a will because they think it’s too expensive to make one.

The fact is, there are a variety of ways to make a will, and not all of them are enormously expensive.

Holographic Wills

If the only consideration were cost, a holographic will would be the way to go. Anyone can write a holographic will, in his or her own handwriting. It must be signed, but no witnesses are necessary. This kind of will can be put together in just a few minutes, whenever it’s convenient for you.

On the other hand, a holographic will may be hard for your heirs to find when the time comes, as it won’t be on file anywhere. Your wishes may not be clear, since you probably wrote it in plain English rather than the legal language of wills. And without witnesses, it’s even possible your wishes will be challenged.

DIY Will Kits

A DIY will kit is the next level, a method of creating a more formal will. For a nominal fee (usually under $50), you enter your details in a computer program. The program then generates a will using standard legal language and covering all basic circumstances.

But if you’re part of the growing majority of Canadians with more complicated family situations, a will kit likely won’t address the challenges in your estate. And since you aren’t a legal expert, there’s always a chance you will misunderstand the language in the program and designate something you didn’t really intend.

Lawyer

The best way to plan your estate is to work with a real, live human being. Although a lawyer will likely cost more than a will kit, it is well worth the investment. A lawyer who specializes in wills and estate planning is a great resource for anyone struggling to plan their estate. Some benefits include:

• Stating your wishes clearly and unambiguously;
• Including language to address all contingencies in one document;
• Providing expert advice and information to help you make the right choice;
• Addressing any complications due to your family situation;
• Reducing taxes and other costs your heirs may face after your death;
• Preparing powers of attorney for care and finances, and other related documents; and
• Ensuring the will follows the laws of your province.

More than anything else, working with a lawyer offers peace of mind that just can’t be supplied in any other way. Someone who truly understands your goals and specific family situation is better positioned to help guide you through the maze of estate planning than a generic computer program. And the comfort and support of a professional with expert knowledge doesn’t hurt either.

To learn more about preparing your estate, contact us.

[1] http://angusreid.org/will-and-testament/

Joel Rose

With over 35 years of experience, Joel Rose helps families – and their businesses – to prepare for the future. He offers guidance and support to help his clients create estate plans and succession plans that meet the needs of the whole family. Through his extensive professional and personal experience, Joel is known for his compassion and his ability to find a creative solution to meet each family’s needs.