What Are The Legal Implications of Having Multiple Wills?
If you have multiple wills that say different things about what should happen to your assets after you die, only one of those wills will be valid and used. It is because, under the law, a will is only helpful if it is the last will of the person who made it. In other words, if you have multiple wills, the most recent one is the only one that will be considered valid.
It can be a problem if you have assets that you want to be distributed differently to different people. For example, if you have two homes and want one to go to your spouse and the other to your children, you may need two different legal documents.
The bottom line is that if you have multiple wills, ensure that the most recent one is the one you want to be in effect at the time of your death. A will and estate lawyer will tell you that a new will invalidates any previous wills. The second will contains updated information that reflects your current wishes. The second will may also revoke any provisions in the first will that you no longer want to be in effect.
Different Jurisdictions
When someone has assets in different areas, it can be simpler to have a will for each location. It allows each area to follow its guidelines and simplify the process. It can help avoid potential complications from having assets in multiple jurisdictions.
It is essential to note that the laws governing wills and estate planning can vary from jurisdiction to jurisdiction. It is crucial to consult with a lawyer in each jurisdiction to ensure your estate plan is structured correctly and carried out.
Having a will for each jurisdiction in which you hold assets can help ensure that your wishes are appropriately carried out and that your assets are distributed according to your wishes. It can provide peace of mind for you and your loved ones in the event of your death.
You should ask a will and estate lawyer to draft the will for each jurisdiction in which you have assets. One reason is to avoid potential problems from having a will not prepared correctly.
If you have assets in multiple jurisdictions, it is essential to have a will correctly drafted for each jurisdiction because the laws governing the distribution of assets vary from jurisdiction to jurisdiction. A lawyer can help ensure that each jurisdiction’s laws distribute your assets. It will help avoid potential problems from having a will not drafted correctly.
Reduces Probate Fees
A person can have more than one will, which can be used to reduce the amount of probate fees owed after the person’s death. It is the legal process of distributing a deceased person’s estate, which can be lengthy and expensive, especially if the estate is large or complex.
One way to reduce the cost of probate is to create multiple wills. Each can distribute a portion of the estate, making the probate process more straightforward and less expensive. Creating multiple wills can be complex, so working with an experienced will and estate lawyer is critical to ensure that the wills are valid and accomplish your goals.
Conclusion
There are many benefits of having multiple wills:
- If you have numerous assets, you can keep them separate and organized.
- You can update your will as your circumstances change.
- You can use multiple wills to keep things more straightforward if you have a complex estate.
You should consult a seasoned will and estate lawyer in Kanata to create multiple wills. You do not have to look far because Ontario Wills has your back. We will draft the document and ensure that your choices are carried out. So, schedule an appointment now!
