Understanding the Basics of Wills
WHEN TO GET A WILL
There are several circumstances throughout life that may trigger a need to change or update your will, such as:
Age
Once you reach the legal age of majority in your province or territory (usually 18 or 19), you can legally create a will.
Assets
you own assets such as property, investments, bank accounts, or personal belongings, having a will allows you to specify the distribution of these assets after your decease.
Dependents
If you have dependents, such as children or others who rely on your financial support, a will enables you to name guardians for your minor children and provide for their well-being.
Specific wishes
If you have particular preferences for the distribution of your assets, such as leaving a charitable donation, establishing a trust, or gifting specific items to loved ones, a will allows you to express these wishes clearly.
Business ownership
If you own a business, a will can outline your plans for the future of the business and specify who will take over its management or ownership.
Health care directives
In some Canadian provinces, a will can also include instructions regarding your health care decisions or appoint someone to make medical decisions if you become incapacitated.
Legal Formalities and Requirements when Writing your Will
The validity and enforceability of your will in Canada is according to your compliance with certain legal formalities. These include:
Writing: Your will must be in writing, either handwritten (holograph will) or typewritten (printed will).
Signature: You, the testator, must sign your will at the end of the document. If you cannot sign, you may direct someone else to sign on your behalf and at your discretion.
Witnessing: At least two individuals who are not beneficiaries or spouses/common-law partners of beneficiaries must witness your will's signing. These witnesses must also sign the will in your presence.
Reviewing and Updating your Will:
Creating a will is not a one-time event. Reviewing and updating your will frequently is essential, particularly during significant life events such as marriage, divorce, the birth of children, or the acquisition of new assets. The regular review ensures that your will accurately reflects your current wishes and circumstances.
Seeking Professional Advice
While it is possible to create a simple will on your own, seeking professional advice from an estate planning lawyer is highly recommended. They can provide guidance on complex matters, ensure legal compliance, and help you structure your will to minimise potential tax implications or disputes among beneficiaries.
Creating a will is a vital step in estate planning, allowing you to control the distribution of your assets and protect your loved ones. By understanding the basics of wills in Canada, including key elements, legal formalities, and the importance of periodic review, you can ensure that your final wishes are fulfilled and provide peace of mind to your family and beneficiaries. Engaging the services of an experienced estate planning lawyer will ensure that your will is properly drafted, legally valid, and aligned with your unique circumstances. Remember, estate planning is an ongoing process, and it is advisable to revisit your will regularly to reflect on any changes in your life and financial situation. By creating a well-drafted and updated will, you can ensure that your assets are distributed according to your wishes, minimise potential conflicts, and provide for the future well-being of your loved ones.
Trust the Legal Professionals When Writing your Will
At Drake Law, we are committed to offering personalised and reliable legal services to ensure that your wishes are properly documented, and your loved ones are taken care of. Get in touch with us today and together, we'll navigate the intricacies of wills, making sure your assets are protected and your legacy is secured.