Quantcast
Properly written will is smart planning – Metro US

Properly written will is smart planning

Being prepared for that occurrence no one wants to speak about with a properly constituted will is easier and less painful than you think.

What happens if you die without a will? Well, a variety of things may occur from your landlord preventing your next-of-kin access to your home, to a frozen bank account to — in the worst-case scenario — the Office of the Public Guardian and Trustee becoming involved because there is no one to guide your affairs when you are gone.

The easiest way to prevent this from happening is to sit down and write out your wishes in your own handwriting then sign it and have your signature witnessed by two people who are not beneficiaries under your will. This is known as a holograph will, and is valid in Ontario. Without providing you with complex trust advice in this column, if your affairs are simple, this stop gap measure will go a long way towards avoiding messy problems for the ones you leave behind.

Some people are tempted to order the will kits they see advertised late at night on television. You run the risk of making some serious mistakes by doing so, including having the will determined by the court null and void due to a mixture of written and typed text.

The most logical approach is to have your will drafted by a lawyer. A seasoned practitioner will usually have the expertise and know-how to advise you on how to best structure your will to accurately and legally reflect your wishes. The cost to have a simple will drafted by a lawyer will usually starts from a couple of hundred dollars. You will also benefit from valuable estate planning to ensure your estate is legally processed but assets such as RRSPs and life insurance do not form part of the estate.

Jeffrey D. Cowan is the principal of Cowan & Taylor, Barristers & Solicitors that practice in the areas of business and real estate law. Email jeff@cowanandtaylor.com. The information contained in this article should not be relied upon as legal advice.