Planning for your end of life is not something comfortable to do, and that’s why many people don’t get around to drafting their Will. Almost half of all Canadians don’t have a Will in place, which is a surprising statistic given the importance of having a will.
So why is important to have a Will? And if it’s that critical, do you really need a lawyer to help you, or can you just do it yourself?
The importance a lawyer helping you to draft your will and make sure it will be held as valid cannot be understated. While using online software or drafting your Will yourself might seem like a time and money saver, either process could lead to unintended consequences.
Why Is Having a Will Essential?
Having a Will ensures that your property, your money and your belongings in particular, go to the people you want them to go to, and in the way you want them to receive them.
Below are just a few of the consequences for not having a Will.
- Your assets might not go to the people that you intended.
- The legal costs for the people dealing with your estate will increase.
- Your assets can be tied up in litigations for years before they are distributed.
- It can be very costly for your loved ones to administrate your estate.
An online Will software which allows you to draft your Will yourself might seem attractive, because this type of software is inexpensive when compared with hiring a professionally trained lawyer. However, no self-drafted Will can measure up to a Will drafted by a lawyer with years of legal experience. Lawyers know that even small errors or omissions can become extremely costly in the future and may have to be settled by the court, and they know how to mitigate the risk of that happening. The money you save by using an online software will be insignificant compared with the thousands of dollars in legal fees that your relatives might incur in order to settle disputes and clarify your wishes in court.
Additionally, if part of your estate is not distributed in your Will, the governing statute in your province will decide who will receive the rest of your estate and who will manage it. A large share might go to your spouse, and then the rest will be split between your children or any other descendants. This statutory distribution often causes legal disputes, which are pricey, time-consuming, and can drive a wedge between family members. Statutory distribution may also go against your wishes.
Having a clear and well-drafted Will formulated by an Oakville lawyer can help avoid these complications.
How can a Lawyer Help?
An Oakville estate lawyer will ask the necessary questions about your intentions for your property and the people you want to inherit it. This will result in a Will that is clear and leads to the results you intend. When using online software or when otherwise writing your Will yourself, you may not get the same tailored approach. The years of experience that an attorney brings ensure that you are not leaving out important details regarding your properties, details that may potentially create distribution problems for your loved ones.
Not to mention that ensuring compliance with Ontario legislation and therefore the proper execution of your will requires a lawyer with local experience, like those at Beffa Law, drafting and advising you on your Will and estate planning.
Your lawyers will make sure that your intentions are clearly stated in your Will and they are carried out precisely and as expediently as possible. They will also help reduce the taxes your loved ones may face after your death, and reduce the roadblocks to your loved ones receiving their inheritance.
How Beffa Law can Help You
Planning for your family’s future is extremely important. Beffa Law estate lawyers will sit down with you and assess your situation. You will receive personalized legal advice regarding the best course of action for your individual needs. From Wills and Powers of Attorney to trusts and asset protection planning, our lawyers provide legal advice that helps you minimize tax burdens and efficiently organize your affairs.
With the modern reality of blended families, common-law relationships, business interests, investments, charitable giving, dependents with disabilities, and recreational properties, it is even more important to have a lawyer assist you in drafting your Will and clarifying your intentions.
We can help you with the following estate services:
- Will drafting and execution
- Powers of Attorney and Living Wills
- Special Powers of Attorney
- Estate planning
- Personalized Legal Advice
Our team believes that investing time and effort into creating well-prepared estate planning and ongoing monitoring will give anyone peace of mind, regardless of age or marital status.
Get in touch! Beffa Law would be pleased to assist you in this important area of law. To schedule an appointment, please contact us at 647-812-8462 for a no-obligation consultation. You can also email us at info@beffalaw.ca.