Wednesday, August 6, 2014
Preparing a will: 3 options explained
Posted by Lynne Butler
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.