Fifty-five percent of the people who use the Will writing service at LegalWills.ca describe themselves as married, while a further eleven percent are in a common-law relationship. In most cases, these people are preparing their Wills as a couple. In this post we want to break down exactly what is meant by a Couple’s Will, and the steps involved in creating Wills for two people when using the service at LegalWills.ca
How can I prepare a Will in Canada?
Let us start by discussing the different ways to prepare a Last Will and Testament in Canada. It boils down to essentially three approaches:
Guest post by Barry Choi: a personal finance and travel expert based in Toronto who makes frequent media appearances. His website moneywehave.com is one of Canada’s top resources for anything related to travel and money. Barry shares his thoughts on the importance of Writing Will as a new parent.
In 2017, my wife and I welcomed our daughter to the world. I wish I could tell you everything went according to plan, but it took years to get pregnant. It’s not like something just clicked one day, we had to get help via IVF.
It was a daunting process with many appointments and tens of thousands of dollars spent. We researched the topic and spoke to various healthcare professionals and parents who also faced a similar ordeal. When she was finally born, we knew she was a miracle, so we wanted to ensure that we cherished every moment with her.
Unfortunately, we made one significant mistake right away. We didn’t get our wills set up. It took close to a year before we got them done and admittedly, there was more than one occasion where I thought to myself, what if?
If you have young children, it is critical to write a Will. The challenge of course is that you are busy. Co-ordinating time with a lawyer, and perhaps your partner, is very difficult. So difficult, that this is a task that is unlikely to make it to the top of the To-Do list for today, or even this week.
Fortunately online services like the Will writing service at LegalWills.ca makes the process much more convenient and significantly more affordable than preparing a Will with a lawyer.
This article gives an overview of why a Will is critical, what you can do within a Will, specifically if you have children, and how you can prepare a Will in a cost effective and convenient way. We also discuss why and how you can update a Will if circumstances change.
What are the key elements in a Will?
You probably think of a Will as a document that describes the distribution of your assets (possessions) after you have passed away. This is, of course, a significant part of a Will, and one of the most important reasons for preparing one.
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
What is a Mirror Will?
A Mirror Will is actually two Wills, usually created by partners or married couples. The two Wills typically name each partner as the main beneficiary of the other partner’s estate. There may be other specific gifts within the Will, such as gifts to charities, but the two Wills look identical to each other, except that typically, the name of the main beneficiary is the partner of each testator.
Person A leaves everything to Person B. Person B leaves everything to Person A.
Then for the two Wills to be true mirror Wills, each Will describes an identical alternate plan in the event that both partners are involved in a common accident. Often this is that the entire estate is then distributed to the children.