A Will is a written legal document which sets out how you want your property and assets distributed. As well as being an important estate planning tool, it also deals with other matters such as appointing a guardian for your children in the event you pass away before they are adults. If you do not have a Will then your estate will be divided on intestacy per the Wills, Estate and Succession Act. If your estate passes intestacy, you will not be able to provide specific wishes or instructions on how you want your estate to be distributed. Having a Will also reduces the cost and time that your loved ones will spend to settle your estate.
Who needs a Will?
Anyone who has a spouse, children, property and other assets should have a Will. Once you have a Will drafted and signed, you will also want to ensure that you are reviewing your Will every few years or when a significant life event occurs as you want to make sure that your Will still reflects your life and wishes. It is important to take necessary steps to update your Will so that it reflects your current circumstances and wishes throughout your life.
Somethings to consider when making a Will
If you have children, you want to make sure that you have appointed a guardian for them in the event you pass away when they are minors.
You also want to make sure you have appointed an executor in your Will. The executor is someone you are entrusting with administering your estate and ensuring that all your wishes and instructions set out in your Will are followed. You want to ensure that you are appointing someone you trust and someone that is prepared to take on this role.
You also want to determine if there are specific gifts you wish to make to specific beneficiaries and ensure these wishes are conveyed in your Will.
When making a Will it is also very important to consider potential tax consequence or other financial consequences that can occur depending on how your property and assets are dealt with in your Will.
Are you ready to make your Will?
There are various estate planning considerations that need to be considered when preparing a Will. You want to ensure that your Will is not only in the correct form but also that your Will properly addresses your estate planning needs. The Lawyers at Cote & Evans Trial Lawyers can help you in drafting a Will that ensures your wishes and instructions for the distribution of your estate is clearly set out and that no misunderstandings occur. Contact Cote & Evans Trial Lawyers for a 30 minute free consult with our wills and estates lawyers if you are interested in obtaining more information pertaining to preparing a Will.
Jessica Morneau
Jessica is an associate lawyer at Cote & Evans Trial Lawyers.
Jessica practices in family law, civil litigation and Wills and Estate. Her practice encompasses a wide range of matters including but not limited to child custody disputes, property division, professional liability, insurance disputes, contract disputes, probate and drafting Wills.