As we go through life, we can acquire various assets, such as money and properties. Many of these assets are extremely valuable, and even more so when their values are combined. For that reason, you would want to protect them and give them to the right people once you pass away.
This is the reason wills are so important, yet many people have not yet made one for themselves. While it certainly is not fun to write a will, doing so is necessary. Without one, the law will dictate who gets what once you leave your assets behind. The decision will not lie with your family, meaning that what you had intended for the property you own might not happen.
With that in mind, if you are interested in writing down your will, here are things you must consider.
1. What do I own?
First, you need to ask yourself what you currently own. This is because you might not own some of the things you assumed you did. For instance, you may have sold an asset or given it to someone else but forgot that you did. In other words, you need to be certain about what you own to avoid miscommunication or other issues later on.
2. Who will get what?
Some people assume that in a will, all the beneficiaries get a fair share of the deceased’s assets. However, this is not generally the case. Depending on your children or other dependents, the shares will vary greatly. For instance, if you have two kids, and one has already graduated, while the other is studying, more money may go to the latter to fund their education.
It can be tough to decide who gets what, and for that reason, we recommend looking for a professional to assist. They will give you tips and advice on what you can do to create a will.
3. Who will care for my kids?
If you have children, you will need to think about who will take care of them, especially if they are under the age of majority. You will have to name guardians, whether it be your partner or someone else, and set up a trust. The trust will handle the money you leave your children until they are old enough to handle it by themselves.
Note that because children are not considered property, what you write down will not be legally binding. Courts can still choose a different route for the kids if they see a better solution.
4. When do I need to update my will?
There are many reasons to update your will. For instance, if you made your will when you were single, you may have to make a new one if you marry and update it again if you divorce. Different situations can lead to changes in what you own, who your dependents are, and so on, meaning that you will need to adapt your will to address these changes.
Writing a will is never easy, but professionals are readily available to give you legal advice on how you can write yours. They will help ensure that you cover everything you need to in your will so that your dependents will not run into too many issues in the unfortunate event of you passing away.
We are professional lawyers who offer legal advice to help clients create effective wills and estate plans through videoconference consultations. If you are looking for lawyers in Ontario to help you create your will, work with us today!