16 May Why Should You Make A Will?

A Toronto Estates Lawyer will tell you that a Last Will and Testament is a document where a person (Testator) sets out their wishes regarding the distribution of their property upon their death.

The document may specify that the decedent’s property goes to their children or spouse for instance, or that a portion of their estate may be left to charity. Depending on the types of assets that are left behind and the wishes of the Testator, a Will can be fairly straight forward, or quite complicated. Either way, it is extremely important to have this document in place prior to the time of death.

The Last Will and Testament is an important document, but in the context of Estate Planning, it should also be looked at as one element. It might be that because of the Testator’s unique situation they should also have a Trust, or perhaps a Living Will. It is important to speak with a Toronto Estates Lawyer and Wills Lawyer to ensure about making plans for your estate.

There are various pitfalls that can occur, which is why it is important to consult with an experienced Toronto Will Lawyer. Relying on online tool kits or holographic is too risky and often involves issues that after the individual has passed away, can cause immense legal fights between the family, often times the beneficiaries or individuals who have been excluded. our will tells people two very important things:

• Who should have your money, property and possessions when you die.
• Who will be in charge of organising your estate and following the instructions you leave in your will – this person is called your ‘executor’, and you can name more than one person if you want to. Bobila Walker Law provides estate trustee and executor services for clients across Ontario, the GTA, Toronto and in some cases across Canada.

The primary reasons why one should have a will are:

1. A will makes it much easier for your family or friends to sort everything out when you die – without a will the process can be more time consuming and stressful.
2. If you don’t write a will, everything you own will be shared out in a standard way defined by the law – which isn’t always the way you might want.
3. If you don’t make a Will you will die “Intestate” and will not be able to choose who inherits your estate.
4. A will can help reduce the amount of probate fees that might be payable on the value of the property and money you leave behind.
5. In your Will you can give clear instructions for your Executors, from simply stating whether you wish to be buried or cremated, to what music is to be played or the content of the service.  These wishes can be as brief or elaborate as you like and if needs be can be outlined din a separate “Letter of Wishes”.
6. Writing a will is especially important if you have children or other family who depend on you financially, or if you want to leave something to people outside your immediate family.
7. Writing a Will is sometimes considered a morbid exercise as it brings us face to face with our own mortality.  It is also a highly unselfish act as it is guaranteed that you will not be around to see the benefits of having made a well-drafted Will. It is for this reason that many people put off making a Will and unfortunately never get round to doing it.   However, once your Will is completed you will have the peace of mind that your affairs are in order and your loved ones will be taken care of.  This means that you can stop worrying and get on with enjoying your life.
8. Seeing a lawyer to prepare your will can also lessen the risk of legal fights later and save on legal costs.

Some common mistakes in making a will are:

• not being aware of the formal requirements needed to make a will legally valid
• failing to take account of all the money and property available
• failing to take account of the possibility that a beneficiary may die before the person making the will
• changing the will. If these alterations are not signed and witnessed, they are invalid
• being unaware of the effect of marriage
• being unaware of the rules which exist to enable dependants to claim from the estate if they believe they are not adequately provided for. These rules mean that the provisions in the will could be overturned

Do not risk your assets depletion in lengthy court proceeds. Call our office today and book a consultation to discuss your estate planning at 416 847 1859.