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Wednesday, August 6, 2014

Preparing a will: 3 options explained

Nothing is more discouraging than deciding you need to move ahead on something but feeling that you don't know where to start. I've often heard people express this feeling when it comes to making a will. They aren't sure whether the first step is to see a lawyer, or whether they can do something on their own without a lawyer.

I've recently come across this article from Ottawa lawyers Sullivan Law in which the three general options for preparing a will are explained. Click here to read it

With respect to holograph wills, which are presented as one of the options, I would like to point out that they are not legally valid in all provinces. They are valid in Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Newfoundland and Labrador.

I know that cost is often the driving factor when it comes to the decision about hiring a lawyer or not. Most people will rationalize their choice of taking the cheaper option by telling themselves that their estate is simple and therefore they don't need a lawyer. For some people, this is true. But if you have a blended family, live in a common law relationship, own a business, own rental properties, have a disabled child, or have a cabin or cottage, your estate is not simple. You need tax advice and legal options. If you cheap out when you shouldn't, your family will pay for it later, so be realistic when you consider your options.

1 comment:

  1. I am an estates paralegal in Alberta working in a law firm. Please DO NOT use a Will kit, no matter how simple you think your Will is. Have a lawyer do your Will for you. You may not get the wording right and that could make a serious difference in what you intend and what actually happens.

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