It can also lead to the wrong people witnessing your will, since there are rules around who can sign your will. And, if you’re someone who wants to be able to make updates, they require that you purchase a new kit every time your life situation changes.
Read more about Will kits Qld here.
How to Make a Will Without a Lawyer
As lawyers tend to pointout, what is missing in these simple will kits is a description of whatcan go wrong. A last will and testament is a legal document that names the people (called beneficiaries) who will inherit your assets when you die and specifies who gets what. If you have minor children, a will also names their guardian(s) in the event both parents die at the same time.
Weigh the pros and cons carefully, like choosing between your money on a DIY project and hiring a professional contractor. Just like you’d store precious gems in a safe, your will and essential documents need secure storage. This could be a fireproof safe deposit box or a secure digital vault if you opt for an e-will. Inform a trusted individual about the location of these personal items and documents, ensuring they can be accessed when needed. Beneficiaries are the people who will receive your hard-earned assets.
Scanned, digitized or uploaded documents are not accepted as legal Wills. Photocopies are sometimes accepted if it can be demonstrated that the original is lost (like a house fire). Making a will is an ideal time to discuss inheritance tax planning. It can be a complicated and time-consuming task, so consider the “three T” rule when choosing an executor, advises Stephen Hsai, a Vancouver lawyer specializing in estate planning with Miller Thomson LLP. “The ideal executor should be someone you trust, who has the time to do the job, and who is in the territory,” he says.
Creating your will with an estate lawyer is the most expensive, but also the most comprehensive, option. Estate lawyers are trained in estate law,can handle any complex estate, and give advice on different scenarios. They’re also usually well-versed in estate taxes, so can advise you on how to minimize your estate taxes. The biggest downside of DIY will kits is that they are one-size-fits-all. Every person buying a will kit has a unique life situation, but the will kit treats them all the same. This may be fine for some people with very simple wishes, but it largely doesn’t take into account any complexities, extra wishes, or funeral wishes.
Creating a will
You can outline any funeral wishes you have, such as traditional burial or cremation, so your loved ones can have some peace of mind when putting you to rest. The exact steps you will need to follow may vary depending on how you choose to make your will, as well as the province that you live in. However, these are the basic steps you should expect in the process of making your will. Now that you know all about how to make a will, here are some steps you can do right away to take care of your family (and your stuff). Those situations can get complex—so you should probably work with an attorney.
And if your estate is modest, you can probably skip the attorney (hooray . . . no hourly rates!) and use a simple will template. Take our quick, easy quiz to find out if a state-specific template will work for you. Each state has different rules for how to cancel a will (like shredding, burning and tearing). You’ll want to check with your state’s laws to find out how to legally cancel your will.
Writing a will can be uncomfortable, requiring you to reflect closely and clinically upon your own mortality and the value of your possessions after you’re gone. Once it’s complete, though, a will is one of the most important documents you will ever create.
If you have anything of value – whether it’s savings and investments, a vehicle, a home, heirlooms, other assets – or if you have a child or even a pet, you need a will. A joint Will is a single document, signed by “co-testators” (usuallyspouses), intended to reflect the wishes of both parties. This is generallyconsidered to be an extremely bad idea, and probably worse than having no Willat all. Theproblem is that it is unclear whether a surviving partner can revoke a jointWill and many messy legal cases have arisen as a result of this confusion. More details on the process to be followed for creating a legal document areincluded in the help text of the MyWill™ service.
