There are various products in the marketplace, most for under $50, that offer a do-it-yourself (DIY) will. To be perfectly honest, if you are paying more for a haircut than you are for your will, I think there is a problem.
Perhaps it is a good time to remind people of the importance of having their will and other estate planning documents prepared by a professional. Below are my top three reasons (in no particular order) for having your will done right. By right, I mean having it done by someone who is very experienced in will drafting and who will thoroughly explore what you own, how you own it, who your beneficiaries are, whether and how income tax or probate fees might be saved, and more. Simply drafting a will without asking a lot of the right questions will almost certainly mean that important things are missed and that your estate and your beneficiaries will pay the cost.
- Huge expense down the line: Trying to save money on the preparation of your will can lead to huge expenses down the line. If there is even the slightest ambiguity in the terms of your will, an application to court may be necessary so that a judge can determine what your true intentions were. Any court application can be very costly and can delay (and reduce!) the payment of your estate to your loved ones, surely not what you intended.
- Missed opportunities: An experienced professional will review your unique situation and explain how you can save tax and probate fees. These can represent thousands of dollars in savings to your estate ensuring more money for your family. These are simply missed opportunities when you choose the DIY route.
- It’s all in the details: Did you know that marriage revokes a will in almost every Canadian province? Did you know that a beneficiary with a disability receiving governmental benefits will most likely lose those benefits if they receive an inheritance? Did you know that unless there is a trust in the will a child’s inheritance is paid into court and may be very difficult to access until the child turns 18? An estate planning professional will review these details and so many others with you in order to create an estate plan that meets your specific needs and provides for your loved ones in the best way possible.
Reproduction of this blog is permitted if the author is credited. If you have questions or if you would like more information, please call us at 613 836-9915. This blog is not intended to be legal advice but contains general information. Please consult a lawyer or other professional to determine how the information in this blog might apply to you.
Blog posts pre-dated December 1, 2015 were originally published under Neff Law Office Professional Corporation.