A will is a legal document that describes how you would like your estate to be divided after you pass away. It encompasses what you own (assets) and also what you owe (liabilities). While it is not legally required to prepare a will, it is a good idea to prepare one, particularly if you have specific wishes.
Imagine that you have a plan on how you want to divide your assets and your property. Perhaps you own a primary residence, an investment property and another property such as a cottage. For each property, you may have a different idea of how you want them to be handled and maintained.
Moreover, many people like to keep certain types of property within the family. For others, specific instructions may include selling the property or specifics on how to proceed. However, without a will, none of these instructions will be able to be thoroughly communicated.
Generally, provinces and territories set the laws for estates. The Government of Ontario’s statutory law will automatically process your estate’s arrangements if you do not have a will set up. It may be far from what you or your family could imagine. This is what signifies the importance of a will!
Planning a Will
Having professional legal help to prepare a will has its benefits. They include:
- Ensuring a proper witnessing
- Gathering and preparing all the right documentation
- Informing you of rules, regulations and rights
- Estate planning advice
You do not have to be high up in age, or sick or unwell to prepare a will. Preparing a will can begin at any stage of life.
It’s important to always review your will and keep it up to date. From time to time, you may come up with adjustments to your will and it’s important that everything is recorded for accuracy and intended purposes.
Pre-paying for funeral arrangements is a smart way of arranging these components of your will that can affect your loved ones in the future. Given the expensive nature of funerals, even setting aside some financial means can make a huge difference to your family.
Understand that you can name more than one person on your estate will as your estate representative.
An estate representative is somebody who dutifully carries out the instructions you have left behind in your will. You can allow a family member, close friend or even the family accountant take on this role. Leaving an additional estate representative provides a layer of support in the light that your first choice cannot step up to take on the responsibility.
What We Do
At NLPC, our wills and estate planning advice can help ensure that your financial assets and valued property are apportioned as you intend. However, this only scratches the surface of estate planning. From optimal tax treatment to powers of attorney and establishing an orderly succession plan for the family business to advice to estate trustees, NLPC can provide comprehensive assistance in planning for your family’s future.
Our rates include all legal fees for taking instructions; preparing documents; photocopies; execution of documents; and on-site secure storage of originals or copies of documents, at your option. These rates are subject to change without notice. Particularly complex wills may require additional fees at our discretion.
Are you looking to prepare your will in the near future?Get in touch with us today to get the process started!
or call for an appointment today at 1.613.226.8989