We live in unprecedented times. We have a COVID-19 global pandemic. People are being told to self-isolate. Others are being placed in quarantine.
It’s a worrying situation that does not appear to be abating.
It may be time to pause and to think about which documents you should have in place. If COVID-19 goes away, and we all hope it does, these documents are still important, and will last you for the rest of your life. Hopefully that will be another 50 years or more. The documents may need to be updated as your circumstances change, but it is important to have them in place.
In this article we will describe a complete list of documents that you should put in place. We will explain how to create one, how much it costs, and the legal formalities for each.
Disclaimer: This article is using the Duke and Duchess of Sussex as an illustration of a widely experienced situation. We are not suggesting that Prince Harry and Meghan Markle use our service; it would be up to them to decide whether the Expat Will service at LegalWills.ca is a good fit for them. We have certainly seen people with wealth, surrounded by a legal team, write their own Will, or even die without a Will. But each individual would need to decide the best approach for themselves. We refer to them as “Harry and Meghan” in the article, but it could be anybody.
Disclaimer 2: This article is not legal advice. It is presented as general information which may or may not apply to your own personal situation.
You have probably heard by now, the Duke and Duchess of Sussex are moving from the UK to Canada. There is a chance that they may buy property in Canada. Prince Harry is a UK citizen. Meghan Markle is an American citizen. Their son, Archie, is probably dual citizen UK and US, now being raised in Canada.
What does this all mean for their estate planning?
Explanation of the answers
This was a tough quiz covering estate planning in Canada. In this article we will provide you with some explanations for our answers.
LegalWills.ca features that are not supported by any other leading online Will service.
We often see reviews of online Will writing services. These reviews typically look as far as pricing, look and feel of the website, maybe support options. Unfortunately reviewers rarely take the Will service itself for a test drive. They don’t usually imagine different scenarios to determine how capable the Will service is in addressing different demands.
At LegalWills.ca we confidently regard our Will writing service as the most complete, and most flexible service of any online Will application.
In this article, we will take a quick look at just eleven things that you can do at LegalWills.ca, things that are not supported by other leading online Will writing platforms.
Introduction to Preparing a Will
Everybody should have a Will. Not making a Will is unfair to those you leave behind. Even if your plans for estate distribution are simple and you do not have many assets, it is still much easier for the people that you leave behind to work with a Will than to resolve the estate of a person who has died intestate (without a Will). If you do not feel that you have significant assets now, remember that your Will only comes into effect when you die, not now, and you cannot possibly predict how large your estate will be when your Will is required. Preparing a Will is one of the most important tasks you can undertake if you have loved ones. Sadly, most of us put it off until it is too late.
By law, any competent adult can make their own legal Will; the law does not require you to have an attorney or a lawyer, to do this. A Will does not need to be a complicated document; it simply has to clearly state your wishes for the distribution of your estate.
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
Wondering whether our service is right for you? considering using an estate planning lawyer?
We know that 62 percent of Canadians don’t have a Will in place. A further 12 percent have a Will, but it’s out of date.
Even with that harrowing stat, the legal community still try to warn people against preparing their own Will. Claiming that you can only obtain a quality Last Will and Testament from an estate planning lawyer. Any approach to writing your own Will is going to result in pain for your family and loved ones.
In truth, there was some merit in this argument about 20 years ago when the only do-it-yourself Will writing options were a blank piece of paper, or a blank form Will kit. Both approaches are a disaster waiting to happen, and many estates went through protracted legal battles to settle an ambiguous instruction. Or worse, a Will was simply thrown out because it wasn’t signed correctly.
Thankfully in the years since LegalWills.ca came online in 2001, the online interactive Will writing services have come a long way. Much like tax preparation software that faced a similar backlash from tax preparing accountants, the use of online interactive Will writing services has grown year by year.
Online Will writing services have also improved to a point that for 99 percent of people, the final Will document is indistinguishable from a Will created by an estate planning lawyer. We know this because we use the exact same software used by any estate planning lawyer in Canada. We’ve just give you direct access to it.
Is it possible to get a will written without a lawyer? What is an online Will?
We saw this question recently posted on Quora and we were a little surprised by the misinformation provided in the answers. They included the tired old analogies to “you wouldn’t remove your own appendix, so you shouldn’t prepare your own Will” (the two tasks are nothing close to comparable), and also a rather surprising answer from a lawyer who claimed “In non-emergency situations, you must get it done through a lawyer.” which is absolute nonsense.
I would like to provide some reasons why it would actually be advantageous to prepare a Will without a lawyer, but first some clarification on the term “online Will”
What is an “online Will” service
There is no such thing as an online Will. A Will has to be printed, signed and witnessed in order to be made legal. Online, scanned or digitized versions of a Will are not legal documents. Any service that offers to store your Will online or in the cloud are misrepresenting what they can do because based on current law in Canada, a copy of a Will stored in the cloud cannot be probated. Our partner website that allows you to write your own Will in the US recently published a blog post explaining this. So when we talk about an online Will service, we are really talking about an Will service that is online. Once you have stepped through the service, the document must be printed, signed and witnessed to be made into a legal Last Will and Testament. Continue reading