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Canadian Legal Will, Will Form
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I REALLY DO NOT HAVE MUCH IN THE WAY OF ASSETS. I’M YOUNG. I DO NOT NEED TO THINK ABOUT GETTING A WILL DONE.
Those are usually among the main reasons as to why people put off doing their Wills: the expectation of many years ahead to complete a Will, few assets of little significance to leave behind, etc. However, there is always the possibility that if you die without a Will, there may be complications and headaches for your loved ones.
I DON’T HAVE THE MONEY TO SPEND ON A LAWYER RIGHT NOW!
One does not necessarily require a lawyer to draft a Will. Wills can be complex or straightforward, and creating a straightforward Will for an average estate does not have to be complex or daunting. Online resources offer a lot of information. One such resource is FormalWill.ca
HOW DO I GO ABOUT APPOINTING A GUARDIAN FOR MY CHILDREN?
You may nominate a guardian within your Will. This is obviously a very important role, and you may want to prepare for the possibility of having alternate guardians as potential backups if your first choice does not want the responsibility. In addition, your guardian should be someone that you absolutely trust.
WILLS ARE EXPENSIVE TO DO THROUGH A LAWYER; IS IT POSSIBLE TO CREATE A WILL MYSELF?
Wills can be expensive - lawyers can charge up to hundreds of dollars per hour. You do not necessarily require a lawyer. For straightforward situations, there are helpful online resources to assist you in the creation of Wills without the use of an attorney
WHAT SORT OF THINGS DO WILLS NEED TO COVER?
Wills vary in terms of complexities – they can cover a range of issues, including: guardians, property, trusts, etc. You can view a full list of what sort of issues Wills cover here.
IF I MOVE OUT OF THE PROVINCE I’M CURRENTLY RESIDING IN DO I THEN HAVE TO CREATE A NEW WILL?
Provinces may recognize a validly produced Will created out of province. However, when there are major life-altering transitions, one should consider reviewing and updating their Will as necessary.
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