Having a valid last will and testament is the only way to ensure that your possessions go to those closest to you. It is the best way to protect them, and to support causes that matter to you. Despite this, many adults do not have a will, leaving the people that matter to them unprotected.
If you die without a valid will, your money and property will be shared according to a strict set of rules that may not accurately reflect your wishes. This happens more often than you might think and can lead to heartache at a time that is already very difficult.
It is important to have a will, and take control of this important step in your life. Making a will can be a quick process and is a great way to achieve peace of mind, knowing that those who matter to you are protected.
If you are considering making a will, there are various options available to you.
Make your will with a lawyer
If you have a large estate, complex requests or wishes that are likely to be challenged in court, visiting a lawyer can give you peace of mind. Every practicing lawyer must have studied and qualified in law, meaning they should know national and provincial regulations in depth. Every lawyer has professional insurance to cover you should anything go wrong.
The downside is that lawyers charge hundreds of dollars to make your will. If you have complex wishes, this is money well spent. However, the overwhelming majority of Canadian wills are not complex and do not require the level of expertise – and cost – that a lawyer brings.
Do you need a lawyer to write a will? Not necessarily…
DIY wills
You can draft your own will. In certain provinces and territories, you can even hand-write a will without witnesses. This is by far the riskiest method and your loved ones are almost completely unprotected should something go wrong. Will-writing kits are available, but without having an expert check the document, you are taking a major risk with the most important legal document you will ever sign.
Making a will online
For a professional will without the high prices charged by lawyers, you can make a will online. This is an excellent compromise if you want to take care of your affairs simply and efficiently, at a time that suits you. You can make a will online in around 20 minutes and do not need to travel to see a lawyer. The will is typically emailed to you and you can print it out at home. It still needs to be witnessed and stored correctly.
If you use a reputable online wills service, instructions for signing and storage are sent with the documents and your draft will is checked by an expert. This is important because it gives you additional peace of mind and dramatically reduces the risk of a poorly drafted document being challenged in court.
When choosing an online will service, ensure that every document produced is professionally checked, otherwise you are effectively making a DIY will, with all the risks involved.
Online wills are not right for everyone. If you have a large estate of $1m+ or any complex requests, you should consider seeing a lawyer. If, like the large majority of Canadians, you simply want to say who inherits what, an online will could be the best option for you.