As a wills lawyer, obviously I'm not thrilled at the idea that people make their own wills. And no, it's not because I make less money if you do your own will. In fact, I and other lawyers make a lot more money if you DO make your own wills because we get paid by the hour after you pass away to fix the mistakes you make and don't know about.
So please put your cynicism aside when I say I think paying a lawyer to make your will is a good idea. What do I add that a will kit doesn't? Advice. Experience. Do you know which of your assets is taxable? Do you know who must pay the tax if you leave your cabin to one of your kids? Do you know how to write a trust for a disabled child or a spendthrift or a minor? Do you know what might happen if you leave out one of your kids? Do you know the rules regarding common law spouses in your province? These are some examples. For some of you, there are even more issues.
Having said all that, I can see value to using a will kit (either online or paper) if you are doing something extremely simple, such as leaving everything to your spouse. At least you'll have named an executor. But there are very few people whose affairs are as simple as that. If you have a blended family, joint property with your kids, minor kids, a business, a disabled family member, or a common law spouse, you should have legal advice.
Okay, that's my view on the topic. I know full well that some of you either don't have access to a lawyer, can't afford a lawyer, or simply want to do the task yourself. I hope the attached article is helpful. Keep in mind that the Maple Money site does endorse products and services for a fee.
IMO 'Will Kit's' are better than nothing as there is at least some direction. Many 'wills' are simple and straightforward, but many are not. Having said that however , the problem is not necessarily the simple and straightforward 'will', but often the people involved with the 'will' , executors, beneficiaries and others (lawyers and such) who play a part in the resolution and settlement of the 'will'.
ReplyDeleteI do agree that life has gotten much more complicated and most people need all the help they can get. It can get very messy even with a well drawn 'will' not to mention a holographic 'will' such as we have recently seen, Aretha Franklin's.
Good point about the people involved in the will. In lots of families there is someone whose initial reaction is rage or jealousy. They are going to take a run at whatever will exists. Hopefully the will and surrounding planning are strong enough to withstand the bitter beneficiary.
DeleteLynne
While I generally agree with your comments, it's worth pointing out that lawyers are far from infallible.
ReplyDeleteWhen my father-in-law died his will specified that certain assets be bequeathed to a woman no one had heard of. Turned out it was a cut-and-paste job and the legal assistant had failed to notice the name left over from the last will he drafted. Furthermore, when my wife and I had this same lawyer draft our wills, we answered his extensive questionnaire, only to find our wishes were not correctly written up in the first draft. My knowing the difference between "jointly" and "jointly and severally" in a POA was also crucial to avoiding potential problems in the future.
For all but the simplest wills, a lawyer is your best bet, but, as always, E&OE.
You are correct that lawyers are not infallible. I'd be an idiot to think otherwise!
DeleteSomething else that impacts consumers of legal services is that too many lawyers "dabble" in doing wills. They have no real experience in it but view it as filling in blanks. They are, IMO, some of the most dangerous lawyers on earth. They prepare documents that are at best inadequate and at worst, invitations to litigation. It's not always easy for members of the public to know which lawyers to consult, and lawyers who are irresponsible enough to do work they don't really understand just make it worse.
Rant over :)
Lynne