WELLINGTON COUNTY – Writing a will is one of the most important steps in ensuring your wishes are honoured after you’re gone.
While some may avoid the topic due to its association with death, the document is essential when it comes to providing peace of mind to loved ones.
Is a lawyer necessary?
“There are a number of will software, I think, now, that people can purchase to prepare their own will. There’s will kits, and then there is something called a holograph will,” said Arthur-based lawyer Angela Alaimo.
“You have to be very careful when you’re doing any of those to follow instructions in terms of how you word things. A misplaced comma or vague language can cause unintended consequences.”
Despite the plethora of options, Alaimo told the Advertiser she still recommends getting a lawyer, as online options lack the proper guidance and attention to detail.
“You have to be very careful in terms of how it’s designed, because some people think that when they do the will kit, and they’re printing in on their own handwriting, that becomes a holograph will, and then they don’t get witnesses, and then that will invalidate the will,” said Alaimo.
“If the will is invalidated, then you’re in a situation where … no one has been appointed to look after your state administration.
“There’s no executor appointed at that point, and then someone from a designated class … would have the standing to apply to the court to become appointed, but there are extra requirements, like posting a bond of security and that sort of thing.
“So it’s a much more expensive process than if the person would have done a will through a lawyer in the first place.”
In other words, a lawyer is not necessary, but a lawyer should likely be consulted at some point to confirm everything and correct any mistakes.
What should be included in a will?
The first thing that should be done is for the author of the will to include all personal information such as current address, date of birth and name, to ensure there is no confusion about the identity of the author.
One must also appoint an executor, this person will be responsible for managing the deceased’s estate and ensuring that all wishes are fulfilled and all legal matters are handled.
“You have to have someone appointed to do the administration of the estate,” said Alaimo.
“It should be someone that has a strong ability to deal with professionals like real estate agents, accountants and lawyers so that they can navigate the administration process.”
One must also outline the beneficiaries of the will.
“You have to set out who the beneficiaries of your estate are, and if they’re children, you might want to put guardians for them and the age that the children should be before they inherit,” said Alaimo.
Finally, the will should outline all assets and to whom they shall be passed.
“That’s where seeing a lawyer and discussing your assets are helpful,” said Alaimo.
“A lot of people don’t realize that if they have an RESP (registered education savings plan) for their children, that has to be mentioned in the will.
“A lot of people aren’t aware that they can help protect their children in receiving their inheritance by putting clauses in their will that protect the children as they separate in the future.”
Making changes or updating a will
Changes or updates to a will are encouraged.
As financial circumstances change and life events happen, Alaimo says it is important to keep one’s will up to date.
“I always recommend to my clients to review [their will] every five years or if there’s been a change in their asset base, or if any of their beneficiaries have become ill or passed away,” she said.
“They should be reaching out to have changes done, and by reviewing it every five years, they have an opportunity to ensure that if any laws have changed, the will can be updated to incorporate any additional clauses that should be incorporated because of those changes.”
However, Alaimo told the Advertiser any changes made to a will must be done properly, as to not accidentally invalidate the existing will.
“A lot of lawyers will give copies of wills to clients, and then they’ll just make a change on that copy and sign it, and that would not be a good practice,” said Alaimo.
“That would invalidate the existing will, and so you always have to be careful about making changes properly.”
According to Alaimo, any and all changes to an existing will should be made in the presence of a lawyer and should be reflected on the original copy of the will.
