They say there are only two fixed things in life: change and death. Although most of us do not like either of them, we cannot avoid them. Change is only natural, and death is its ultimate destination.
We often resist change because it can be uncomfortable or scary. We must prepare for the future because it is only through this that we can lessen the fallout. One brilliant way to do so is to create a will.
You might ask if you should involve a wills and estate lawyer when creating a will. This legal help might not seem to be necessary, but doing so will help you avoid the following mistakes:
Accidentally Creating a Trust
When someone dies, their property will be distributed according to the will. If you do not have a will, your assets will be distributed according to your state’s intestacy laws. Intestate laws vary, but generally, your assets will be distributed to your spouse and children.
Be very careful with the words used in a will, as the wrong wording can unintentionally create complicated situations. For example, saying, “Give my house to my son, Roger, and when he is done with it, give it to his kids,” may unintentionally set up a trust for the house rather than giving Roger ownership of it outright. It would mean that the executor would have to hold the place in trust for Roger’s lifetime and raise questions about who would be responsible for property tax and insurance payments.
When it comes to protecting your assets and ensuring that your loved ones are taken care of after you pass away, hiring a wills and estate lawyer is one of the best things you can do. A lawyer can help create a trust or prevent the creation of one.
Not Include a Residue Clause
It is not uncommon for people to believe that a wills and estate lawyer will automatically include a residue clause in their will. However, this is not always the case. There are many instances where a lawyer may choose not to have a residue clause. Here are some things to keep in mind if you are wondering whether or not your lawyer will include a residue clause in your will.
A residue clause is a clause in a will that gives away the rest of the estate after specific items have been gifted. It is essential because, without a residue clause, there may be items not accounted for in the will, which can lead to them being divided among family members according to the laws of intestacy.
One situation where a residue clause may not be desirable is if the estate is very small. In this case, it may be easier and less confusing to list how the assets should be distributed. It can avoid potential conflict among the beneficiaries about who should receive what.
Another situation where a residue clause may not be desirable is if the beneficiaries are all close relatives or friends. In this case, dividing the assets evenly among the heirs may be more accessible. It can avoid any potential hurt feelings or conflict among the beneficiaries.
Hiring a lawyer will help prevent mistakes when writing a will. A lawyer can ensure that your will is properly written and executed and can provide guidance on how to distribute your assets. A lawyer can also help you navigate the probate process, should your will be contested.
Make that necessary step to ensure your loved one’s future, so create a will with the help of Ontario Wills. As wills and estate lawyers, we can help create your will to ensure your interests are carried out. So, book a consultation now!