Do you have a will? If not, you’re not alone. According to a recent poll, 51% of Canadians don’t have one. However, a will is an extremely important document, and any adult should seriously consider getting one.
For those who may be unaware, a will is a document that clearly states what should happen to your estate when you die. It dictates how you want your property and assets to be distributed, names a guardian for your children, and leaves other instructions like funeral arrangements. A will is so important because the law decides where all your assets go if you die without one. The good news is that getting a will is a relatively easy process — you just need to keep a f`ew things in mind.
Key considerations when creating a will
Wills can be as generic or as custom as you wish. However, there are a few things that are consistent in almost every will, including:
- An executor. This is the person you entrust to make sure your wishes are followed after your death. It’s a crucial role that comes with many responsibilities, so consider your choice carefully. You can appoint a family member or a friend, and some may even appoint a lawyer or other professional.
- A guardian. If you have children who are not of legal age, you need to appoint a guardian to look after them until they come of age. While it’s unusual to lose both parents at once, it can happen. Or, if you’re a single parent, this is also an important thing to consider. There is a small caveat in that children are not possessions, so naming a guardian isn’t fully legally binding, but a judge will most likely agree with your wishes.
Making a will
When it comes time to create a will, there are a couple of ways to go, and they don’t have to be expensive or complicated. The two most straightforward ways to create a will are:
- Writing your own. If you write out a will and sign it, it’s legally binding. It’s that simple. You don’t even need to have a witness, although having one does help. The only hiccup with creating your own will can come with its clarity. If you’re writing your own will, you need to ensure that everything is laid out as clearly as possible and that nothing is left for interpretation.
- Hiring a lawyer. The safest route for creating a will is to simply hire a lawyer. Qualified estate lawyers know what they’re doing and will draft up a will that clearly states your wishes with little chance of misunderstandings. While lawyers may cost more money than doing it yourself, it’s a far safer route.
Once your will has been created, you should store it somewhere safe and ensure your executor knows where to find it. Another good reason to use a lawyer is that they typically keep a copy of your will as well, in case no one can find your copy.
Having a will is something that every adult should have. You work your whole life to accumulate what you have, so you should have a say in what happens with it after you die. And unfortunately, death can come quickly and randomly, so it’s a bit of a gamble to wait until you’re elderly to write a will. Feeling overwhelmed? Don’t worry: Lawbrokr provides a platform that allows you to browse a database of estate lawyers and connect with them at your convenience. By using Lawbrokr, you can find the perfect lawyer for your situation.
