If your budget is small and your circumstances are simple an online will (an online version of a ‘will kit’) may meet your needs well for a very low cost.
Simple circumstances does not mean ‘I am not rich’. Simple circumstances means that your assets, family relationships and planning choices are straightforward.
Your circumstances may be simple (and thus suitable for an online will) if:
- You have only ever been in one marriage, and
- Want your spouse to inherit all of your assets if they survive you, and
- You want you child(ren) to inherit your assets equally if your spouse has already died or pre-deceases you.
In short, ‘simple wills’ often work best for ‘young people in a first marriage’, and ‘elderly single parents’.
Your circumstances are definitely NOT simple if any of the following apply:
- You want to provide for your current spouse during their lifetime, but then your children (and not your spouse’s estate);
- You are parent in a blended family;
- There are significant issues of estrangement in your family;
- You want your estate to flow in different amounts to different children (or you want to disinherit one entirely);
- You want to provide for a disabled adult (such as one of your children);
- You want to benefit a minor child and do not want to give the funds to that child’s parent;
- You are unable to name a trusted person resident in Ontario as your executor;
- You own assets with accrued tax liabilities (low cost base);
- You have trust or financial obligations to third parties beyond ‘normal’ credit card and mortgage debt;
- You own property outside Ontario; or,
- You own shares in a private company.
If any of these apply, your needs are NOT simply and you will benefit from a professionally created estate plan.
Your questions answered
It is easy to make estate planning mistakes (like thinking that joint tenancy with an adult child or a beneficiary designation of a RRIF will avoid probate and will not cause litigation), and it is easy be fooled into thinking that your situation is ‘simple’ when it is not.
We offer a unique ‘questions-answered and initial advice’ service for $275.
If you want a second opinion on your estate plan, or have questions about joint ownership or beneficiary designations or taxes or any other aspect of wills or estate planning, this is a simple, fixed fee, and cost-effective way to get peace of mind.
This peace-of-mind professional advice often fits well with a simple online will, to ensure that you have done everything correctly.
However, if, after the review you subsequently choose to re-do your estate plan with us, we will credit the cost of the initial review in full against the cost of providing you with a full estate plan, including customized wills and powers of attorney.