How to Make a Will in Canada: The Complete Guide
As such, it should include a ‘residuary gift’, that sets out who will inherit anything not otherwise given away by the will. Executors can inherit from your estate as beneficiaries – except if they’re also a witness. Executors are people that carry out your wishes in accordance with your will. If your witnesses can’t be there in person – for example, because you’re self-isolating – then the will could still be witnessed via video call, thanks to new legislation. However, video-witnessing is not without its risks so we still recommend getting your will witnessed the conventional way wherever possible.
To put it simply, your last will and testament is a blueprint for your family when you pass away. Your will guides your loved ones through how you’d like your assets to be divided and any other end-of-life wishes you may have. At Your Wills, we’ve created an online DIY Will Kit for NSW customers. The process offers complete customisation, adherence to all relevant NSW laws, and a simple 9-step online process that can be completed in just minutes.
Whether it’s one or 20, write down the names of all the people you want to get your belongings. Then think about how you want to divide up your assets and estate. Jane Haskins practiced law for 20 years, representing small businesses in startup, dissolution, business transactions and litigation. She has written hundreds of articles on legal, intellectual property and tax issues affecting small businesses. It may also be a good idea to set aside a regular time, perhaps every other year or so, where you review your will even if no big changes have happened in your life. You may be surprised at what assets you consider important enough to describe two years in the future.
We explain your options for doing-it-yourself, using a solicitor, or hiring a will-writing service below. Having multiple estate planning documents, like a will, living will, and POA is ideal, but not always necessary. At the very least, having a valid will is much better than no estate plan at all.
What Other Documents Should I Have On Hand When Writing My Will?
There are several challenges when it comes to making a will – cost, understanding what’s required, and most importantly, the fact it forces us to think about something that can be uncomfortable, our own death. This means that people can have their will commissioned and witnessed in person with everyone in the same room or remotely using audio-visual technology. In March 2021, the law changed so that wills can be commissioned and witnessed virtually or remotely. However, there are some key life situations and events that make it more important to have a will. Note that in BC, a holographic will cannot be used to deal with real property (for example a home), and holographic wills are not recognized at all in PEI. Holographic wills may be a good fit if this is the only option you have, and even then, you need to do your research to ensure they’re worded in a way that avoids contradictions.
How long does the whole process take?
The executor is the person whom you prefer to carry out your wishes. You’ll want to choose someone who is responsible and that you trust. And you can review the will with them once it’s complete so he or she isn’t surprised by any of the requests that you’ve made. If you want, an attorney can review your will to make sure there aren’t any issues that could be disputed in court. You could even have the attorney act as the executor, just to keep things simple for your family. This option has the advantage of some direction, 3if you like Mad Libs, this is the option for you! Be wary of services that allow you to store your signed Will online.
Store your will in a legacy drawer.
A will is simply a legal document that explains what you want to happen if you’re gone. It describes in detail your wishes for your children, pets and belongings. In addition to a will, life insurance is another way you can provide your family with financial security. Keep in mind that the beneficiary you name in the life insurance policy is entitled to the death benefit, regardless of what is indicated in the will.
Once the document is signed and witnessed, it must be stored in a safe place that is known and accessible to your Executor. You should not hide it, or make the storage place to obscure or secretive. If your Executor cannot find it when they need it, you will effectively die without a Will, and your efforts to write your Will would be wasted. The signing requirements are the same for all jurisdictions covered by our service. All US States, all Canadian Provinces and the UK (England and Wales) require that the document is signed in the presence of two adult witnesses who are not beneficiaries in the Will. The witnesses must have nothing to gain from the contents of the Will. If you have particular possessions that you would like to leave to different people, then select you can select an option that starts with the words “I would like to leave specific items to specific beneficiaries…”.
Read more about Online will kits here.
Attorney assistance means a network of attorneys will answer any questions you have regarding your estate plan via scheduling phone calls through the online service platform. It’s important to have copies of your will to store away from the original, which you should keep in a secure place, such as a bank deposit box, lawyer’s office, or home safe. You should store the will with any other estate planning documents. It may even be helpful to have a written list of all the documents stored together, so anyone who retrieves them will know if something is missing. The first step is to choose an online service and create an account. Some online services may allow you to download your estate planning documents before filling them out, and some may require you to answer an interactive questionnaire before filling out the documents for you.
