Why Hire an Estate Lawyer
While online will software might seem attractive due to its lower cost compared to hiring a lawyer, no self-drafted will can measure up to one 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. The money saved by using online software will be insignificant compared to the thousands of dollars in legal fees that your relatives might incur 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. 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 a lawyer can help avoid these complications8. An 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 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.
Ensuring compliance with local legislation and the proper execution of your will requires a lawyer with local experience. Your lawyers will make sure that your intentions are clearly stated in your will and 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.
Planning for your family’s future is extremely important. 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, 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.
What Are Common Mistakes Made When Making a Will
One common mistake is not updating your will regularly. Life changes such as marriage, divorce, the birth of children, or the acquisition of new assets can significantly impact your estate planning. Failing to update your will can lead to unintended consequences and disputes among your heirs.
Another mistake is not considering the tax implications of your estate. Without proper planning, your heirs may face significant tax burdens that could have been minimized with the help of a lawyer. Estate lawyers can provide legal services to help you navigate the complex tax laws and ensure that your estate is distributed in the most tax-efficient manner.
Lastly, many people underestimate the importance of clearly stating their intentions in their will. Ambiguities can lead to legal disputes and delays in the distribution of your assets. A lawyer can help you draft a will that is clear and unambiguous, ensuring that your wishes are carried out as intended.
Learn More
Business Charity Child Support community Contracts COVID-19 divorce Estate Planning Family Law immigration Incorporation In The News Not For Profit Postnup Power of Attorney Real Estate Registration separation agreement Sponsorship Startup Taxes Wills Wills & Estates Wills and Estates Work Permit