5 Things to Clarify Before and During Writing Your Will

Writing a will with your will lawyer is integral to estate planning. A choice is a legal document that outlines how an individual’s assets will be distributed after death. However, before and during the process of writing a will, there are several questions that one must clarify to ensure that their wishes are carried out correctly. 

This article will discuss questions you should clarify before and during writing your will.

1. Who are my Beneficiaries?

The first question to clarify is who your beneficiaries are. Beneficiaries are the individuals or organizations that inherit your assets after your death. To avoid confusion or disputes among family members, being specific and clear about your beneficiaries is essential.

Questions to clarify:

• Who do you want to inherit my assets?
• How much do you want each beneficiary to receive?
• Do you wat to distribute my assets equally or disproportionately among your beneficiaries?
• Are there any conditions or restrictions you want to impose on the distribution of your assets?

2. Who will be the Executor of my Will?

The executor of your will is liable for carrying out your wishes after your death. Choosing someone accountable and trustworthy is essential, as they will have access to your assets and be responsible for distributing them to your beneficiaries. Before appointing an executor, discuss your wishes with them and ensure they are willing and able to fulfill their duties.

Questions to clarify:

• Who do you want to be the executor?
• Is the person willing and able to take on this responsibility?
• Do you need a backup executor if your first choice cannot fulfill the role?

3. Who will be the Guardian of my Minor Children?

If you have minor children, it is crucial to designate a guardian in your will. The guardian will be responsible for taking care of your children if you pass away before they reach adulthood. Be sure to discuss your wishes with the individual you have appointed as the guardian, and ensure they are willing and able to take on this responsibility.

Questions to clarify:

• Who do you want to be the guardian of your minor children?
• Have you discussed your wishes with the potential guardian?
• Is the person willing and able to take on the responsibility of raising your children?

4. How will my Debts and Taxes be Handled?

Understanding the tax implications of your assets and how they will be allocated to your beneficiaries is essential. It would help to clarify how your debts would be handled after your death. If you have outstanding debts, they may be deducted from your estate, affecting your beneficiaries’ inheritance.

Questions to clarify:

• What taxes will need to be paid from your estate?
• Will your debts be paid off before your beneficiaries receive their inheritance?
• How will your debts and taxes be paid?

5. When Should You Update Your Will?

Once you have written your will with the help of your will lawyer, reviewing and updating it regularly is essential. Life events like marriage, divorce, the birth of a child, or the death of a recipient may require changes to your will. Ensuring that your choice reflects your current wishes and circumstances is essential.

Questions to clarify:

• When should you review and update your will?
• What life events may require changes to the will?
• How do you update your will?

Conclusion

Writing a will is an essential task that requires careful consideration and planning. Before and during writing your choice, clarifying your beneficiaries, executors of your will, guardianship of minor children, debts and taxes, and updating your will regularly are crucial. Taking these measures ensures that your wishes are carried out correctly and that your loved ones are cared for after your death.

Ontario Wills & Estate Plans by videoconference is a reliable and efficient way to receive quality legal advice from experienced Ontario lawyers. Our service lets clients discuss their estate planning needs from their homes, including wills, trusts, and powers of attorney. Clients can also choose our service to ensure their estate plans are legally sound and tailored to their needs. Contact us today to organize a consultation with our Ottawa will lawyer.