A will is a legal document that sets out your instructions for how your assets should be distributed after your death. It is important to note that if you die without a will, your assets will be distributed according to the intestacy laws of your province. This may not be in accordance with your wishes, especially if you have a blended family or complex financial arrangements.
What Can be Included in a Will?
A will can include a number of different things, such as:
- Instructions for the distribution of your assets, such as money, real estate, and personal belongings.
- Appointments of guardians for your minor children.
- Instructions for your end-of-life care, such as whether you want to be resuscitated or placed on life support.
- Donations to charities or other organizations.
How to Make a Will
To make a will, you must be over the age of majority in your province and of sound mind. You must also sign your will in the presence of two witnesses, who must also sign the will. There are a number of different ways to make a will. You can write your own will, use a will kit, or hire a lawyer to draft a will for you.
If you decide to write your own will, it is important to make sure that it is clear and concise and that it meets the legal requirements of your province. You should also have your will reviewed by a lawyer before you sign it.
Things to Consider When Making a Will
When making a will, there are a number of things that you should consider, such as:
- Your assets: What types of assets do you own?
- Your liabilities: Do you have any debts or lawsuits pending against you?
- Your family situation: Are you married or in a common-law relationship? Do you have any minor children or dependents with disabilities?
- Your specific goals: What are your specific goals for estate planning? For example, do you want to reduce estate taxes, protect your assets from creditors, or provide for the care of your minor children or dependents with disabilities?
Changing Your Will
You can change your will at any time. To do this, you must either write a new will or add a codicil to your existing will. A codicil is a legal document that makes changes to your existing will.
A will is an important legal document that can help to ensure that your assets are distributed to your loved ones in accordance with your wishes. If you do not have a will, or if your will is outdated, you should consult with an experienced estate planning lawyer to get started.
This article is for informational purposes only and is not legal advice. Contact us today to discuss your specific situation.