Must my Will go through probate?
To understand whether or not your Will needs to go through the probate process, you have to understand what happens after you have died.
Hopefully you have written a Last Will and Testament.
In your Will you name an Executor. This is the person that you entrust to gather and secure your assets. Your Executor then has to distribute the assets according to the instructions in your Will.
The Executor must collect up everything you own, keep it safe and secure until everything has been collected, and then pass these possessions and financial assets to your beneficiaries.
Let us imagine a scenario.
Imagine your Executor going to your bank and presenting them with the Will. They explain to the bank that you have died and they show your Will to the cashier. The Will names your Executor. The person you have named shows their ID and they request the contents of the bank account. This person could even be one of your own children. Continue reading
What is the purpose of a Will?
Your Last Will and Testament allows you to speak after you have passed away. It does absolutely nothing and has no powers whatsoever all the time you are alive. But as soon as you die your Will has two key functions: it allows you to make key appointments and it allows you to describe the distribution of your assets. These assets include money, possessions, houses, investments, everything that you own. Making a Will is one of the most important responsibilities of every adult, and it should not be put off until a distant day in the future when you are “old”.
You should not think of making a Will as a once-in-a-lifetime event. You should always have a Will in place that reflects your current situation. You should write your first Will as soon as you are an adult, and then update it throughout your life as your circumstances change.
Your Key Appointments
By Making a Will you can make two key appointments.
This is the person you entrust to carry out the instructions in your Will. They have the responsibility to arrange your funeral, gather and secure your assets, and then distribute them according to the instructions in the Will. It is a very important appointment. Continue reading
I’m young – do I need a Will?
You need a Will. In fact, there is never a circumstance where planning to not have a Will is a good idea. Dying without a Will is not a strategy, no matter how old or young you may be, you need a Will.
On a daily basis not many of us like to think about our inevitable death. It’s morbid and a subject that most of us don’t want to pay much attention to. Like going to the dentist for a root canal or having that screening at the hospital, there are some uncomfortable scenarios that we put off for as long as possible. Writing a Will should not be one of them.
But the thought of going over your possessions and paying a lawyer can be too much for some people. However, there comes a time when we need to face the cold hard reality that we won’t live forever and having a Will really isn’t for your benefit, but you write a Will for your loved ones. Granted, creating a Will may not be fun, and when you’re young there are a million and one things you would rather do but it’s actually not such a hard thing to do once you get over the mental hump. And you may actually learn something along the way.
To help you see the benefits of having a Will we have outlined why you’re (almost) never too young, and no matter the age, you need a Will.
Learn to write a Will at LegalWills.ca
An increasing number of Canadians are turning to services like the one at LegalWills.ca to write a Will. But every day we received requests from our customers to clarify a term, or clause in their Will. Usually this request comes with an apology for their lack of understanding, and every time we have to give the reassurances that;
- Although writing a Will is extremely important, it is not something that most of us do more than once of twice in a lifetime, so there is no reason to expect anybody to understand these terms.
- A Will is such an important document, but the legal profession intentionally tries to make the document more complicated that it needs to be by using arcane language. There is absolutely no reason for a Will to say, “I give, bequeath and devise” when a simple “I give” would work. Or to say, “I nominate, constitute and appoint” when a simple “I appoint” would mean the same thing. But using arcane language is a way of pushing people into using the services of a legal professional because it seems beyond the capabilities of the layperson.
- Nobody should be required to learn all of these terms in order to write a Will, and there are no clear concise guides that we could find.
Having said that, our Wills still use a lot of legal language, because the document is based on Continue reading
A key question that many people struggle with is: Who will be your executor in your Last Will and Testament?
Okay, who or what exactly is your Executor?
First of all, it is important to know the definition of an executor and what role they play in your last will and testament.
It is your executor’s responsibility to handle your last wishes. The executor is in charge of handling the estate and distributing property and possessions according to your instructions. It is also their duty to settle debts; a required step before your executor can distribute inheritances.
We provide a complete list of Executor responsibilities as part of our services at LegalWills.ca.
Securing your Estate
Your executor must keep your assets safe. You may have heard of terrible episodes of a person dying and the family descending on the estate. It can become a free-for-all where things just start disappearing. “He always told me that I could have this” says the favourite niece as she walks out of the door with the Andy Warhol pencil sketch. Continue reading
As we spend more time online, our social, sentimental, and financial assets have begun to migrate online as well. Collectively, we have come to call these items, your digital assets.
Unfortunately, people all too frequently neglect the digital component when they write a Will. You probably haven’t considered creating a plan for your Facebook, LinkedIn or Twitter accounts. Maybe you have recently experienced the loss of a friend and seen first hand the mis-management of online accounts for people who are no longer alive, I know I have. Sadly, three of my ex-colleagues have died, and every year, LinkedIn still prompts me to congratulate them on their work anniversary.
But there is much more to digital assets than your social accounts. Some of these assets simply need to be managed, some need named beneficiaries, and some have real monetary value and should be included as part of your estate.
Your Digital Assets – what are they?
You can divide the three most common forms of digital assets into three categories: social, sentimental, and financial digital assets. You may have a plan for your social assets, but having a comprehensive plan for your sentimental and financial assets is probably more important. Continue reading
First a definition;
A stepfamily or blended family is a family where at least one parent has children, from a previous relationship, that are not genetically related to the other parent. Either one or both parents may have children from a previous relationship. Children from a stepfamily may live with one biological parent, or they may live with each biological parent for a period of time.
Writing your Will can be a very simple process, but because it is only done a few times in your life, it can be intimidating. It can seem daunting because there are so many unfamiliar terms used in the estate planning world. Expressions that are second nature to the legal community, but are not in everyday use for the rest of us. Before you make a Will, it is important to familiarize yourself with some of the more common expressions.
Just because the terms are unfamiliar, they are not complicated concepts. In this article we will explain a few of the words that you will need to know before you make a Will. We hope that we can demystified the process a little.
The term intestate is typical of much of the legal language in that it is derived from Latin, and in today’s World it means that you have died without a Will. Continue reading
At LegalWills.ca we claim that you can create a well-drafted Canadian Will in as little as 20 minutes. Clearly, there are some important decisions to be made, and it’s not something that should be written hastily, but if you have a straightforward situation and you know how you want your estate to be distributed, it really shouldn’t take you very long to prepare your Will.
To illustrate this, in the following video I create my Canadian Will, or more specifically my Ontario legal Will, in about 5 minutes.
If a Canadian dies without a Will, they have left a bit of a mess for their loved ones, and sadly missed out on an opportunity to distribute their assets in a meaningful way. Instead of recognizing friends or organizations that have made an impact on their life, they have left all of the planning to their Provincial government who have already decided how the assets will be divided. It may come as a surprise however, to learn that every Province is different and that there are some very inaccurate assumptions. In this post we will run through a few scenarios, and highlight some Provincial differences.
Let us start with the most common misconception;
If you are married, then your entire estate will go to your spouse.