Whether or not you have a tremendous amount of property, will estate planning is essential. This will assure you that if an accident happen and make you unable to manage your assets, it will be in the right hands.
It is common for family arguments to stem from inherited properties. Will your assets go to your parents, siblings, children, and next of kin, or will they simply go to the government? Writing down a will can help solve all of this confusion. However, you may be wondering, “how do you write a will?” This article will run you through everything you need to know.
Understanding What a Will Is For
A will is simply a document that lets you decide how you want your assets to be handled after you die. It enables you to determine how exactly you want your property to be managed and how you want your debt to be paid off.
One of the most important things a will does is prevent the government from deciding how your assets are distributed. If a will is not in place, the government will claim your estate and hand it out as they see fit.
A will is an essential document for any adult with family or financial assets that may be of consequence.
The Steps of Drafting a Will in Canada
Several steps must be taken to draft a will. You may want to consider the following questions as you draft your will:
Who Do You Assign as an Executor?
An executor is someone you assign to look over your estate and make arrangements for your assets. Generally, a spouse or a family member is named an executor. However, an executor can be anyone you choose. It is a good idea to have co-executors or alternate executors just in case.
What Are Your Assets and Financial Details?
You will want to lay out all of your assets and financial details and how much each is worth. This should include financial items such as your home, bank accounts, investments, pensions, etc.
Include important information, such as account numbers, mortgage information, and, if needed, burial arrangements. Tax planning and creating trusts for your children will be much easier if you have all of your financial information in one place.
Who Will Be Your Beneficiaries?
The beneficiaries of your will are the people or organizations you leave your assets to. The beneficiaries will receive your assets after your death.
In most cases, beneficiaries are family members such as your spouse, child, grandchildren, parents, or siblings. However, you may also want to consider “what if” scenarios, such as if any of your beneficiaries die before you or with you.
Who Will Be the Guardians of Your Children?
Your will should detail who you want to act as the guardian of your children if you should die. Guardians are responsible for overseeing your children’s educational and physical well-being until they are of age.
Signing Your Will
Once you have written your will, it should be signed and dated. You could sign it yourself or have a lawyer or notary sign it for you. When it is signed, the executor needs to keep it in a safe, secure location. It is best to seek a lawyer first to ensure you don’t leave anything important out of your will.
The importance of a will cannot be stressed enough. It is simply a document that lets you decide how you want your assets handled after you die. It is best to seek the help of an experienced lawyer to draft your will.
Do you need help with your last will and testament in Ottawa? Ontario Wills can help ensure you don’t miss any important detail in your estate planning. Get in touch with us to learn more!