A will is a written statement that represents you after death. It specifies how you intend on allocating your assets and property. If you become deceased before your heirs enter adulthood, a will is very important for appointing a guardian for them. Additionally, a will is necessary for providing specific explanations, such as your desired funeral arrangements and organizing monetary or asset-based inheritance. Each of these is a significant choice that you shouldn’t leave to chance, preparation is essential.

What is a Will?

A will is a formal legal document that establishes how your estate should be distributed after your passing. What you own is referred to as your assets, and what you owe makes up your estate, also known as your liabilities. Even if you are healthy, it is a good idea to create a will to better prepare and avoid unnecessary hassle and stress in due time.

In the absence of a will, a person dies “intestate” by Canadian law, which is the main justification for having one. In other words, rather than the deceased, the State will select who receives and oversees their assets rather that the person who has passed.

Without a will, property and assets will be divided in accordance with legislation, and a person’s capacity to receive assets relies on their relationship with the decedent.

What Obstacles Can You Face When Drafting Your Will?

A will faces two fundamental obstacles: incapacity and coercion. The capability to comprehend how to create a testament and other legal papers is known as “testamentary capacity”.  A person with early-stage Alzheimer’s or dementia can still serve as a testator if the following conditions are satisfied:

• Intelligent understanding of their kinship relationships
• A general understanding of the assets they control
• Knowledgeable decision-making regarding the beneficiaries of their estate

When Should You Get a Will?

There is no perfect time to get a will, however, the earlier the better. When you are acquiring assets such as buying a home or receiving large sums of money, it is a good opportunity to create or revise your will. Writing a will is among the most crucial obligations for any adult, thus it should not be put off until one is “old” as life is unpredictable.

Making a will is not something you should consider doing only once in your life, it should be an ongoing project.  Always maintain a will that is timely and tailored to your current life circumstances. As soon as you reach adulthood, you should draft your first will, which you should then revise as your circumstances change with time.

Why Have a Lawyer Draft Your Will?

It does not need to be costly or time-consuming to create a will. Hiring a lawyer helps minimize negative or unforeseen outcomes during the inheritance process. A knowledgeable wills and estates lawyer in Ontario will draft your will concisely and accurately, making it the safest option, especially if you have significant assets. It is important that your will is drafted accurately, expressing your wishes in full and without room for interpretation. Depending on how complicated the case is, not all lawyers will charge the same cost.

Passing Without a Will

An issue that arises if you wait too long and pass away without leaving a will is that no one is designated to assume control. Rarely, the person who will be in charge of handling the estate’s administration may be crystal clear, but oftentimes there is confusion among everyone involved. Family disputes and general mayhem may occur in the absence of an appointed Executor. In this case, the courts will ultimately name an Estate Administrator, who will be responsible for protecting the estate’s assets and resources.

Getting qualified legal assistance is critical while creating a will. This will assist you in ensuring that all your paperwork and documentation are correctly drafted and verified. Protect your family and the assets they will inherit, contact Equity Law Firm LLP today to get started on drafting your will.