A Beginner’s Guide To Making A Will
A will or testament is a legal document through which a person expresses their wishes about how their property should be distributed at death. Usually, the person names another person as the executor, putting them in charge of the estate until its final distribution. The executor is bound to manage the estate according to the will’s instructions and settle debts and distribute property to beneficiaries after the will-maker’s death.
If a person dies without a will, the intestacy laws of the Province where the person resides will determine how their property is distributed upon their death. This includes any bank accounts, securities, real estate, and other assets owned at the time of death.
While a self-made will is legal if it meets your Province’s requirements for wills, a lack of knowledge about what is required could make it an invalid document. To help you understand the process of creating a will, Kala Law Firm Professional Corporation has formulated a Beginner’s Guide to making a will. By following this guide, you will be able to make a will that is valid and moves through probate faster.
Hire a professional: By working with a lawyer practicing in the areas wilsl and estate law, the chances that your ‘will’ will be invalidated are significantly reduced. Most lawyers will offer a free or low-cost consultation. When you consult a lawyer, ask as many questions as possible. The more questions you ask, the better prepared you will be to make a will.
Requirement gathering: Making a will is a process and requires a few steps to be followed to make the process easier.
1. The first thing you need to do once you decide to make a will is to talk to your family members regarding your intention to make a will. This step will reduce the chances that the ‘will’ will be challenged by a disgruntled beneficiary.
2. Take an inventory of all assets, debts, and liabilities.
3. Every will requires an executor. Make a list of people you can name as an executor and talk to them about your intentions.
Pick an executor: Based on your discussion with your list of probable executors, select someone who is willing to fulfill the role and is responsible. Naming a trustworthy individually as an executor is as essential as making a will.
Advice From The Pros
Do not make a will yourself: Drafting a valid will requires specific knowledge of the law. A poorly drafted may be grounds for invalidation.
At Kala Law Firm Professional Corporation, the firm offers practical solutions and comprehensive legal advice at competitive prices. As a law firm in Mississauga, Oakville, ON, we are a full-service law firm serving all of Ontario in the areas of estate planning and estate administration, business and corporate law, civil litigation, residential and commercial real estate, and sports and entertainment. Visit the website to learn more or contact Kala Law Firm Professional Corporation today.