Legal Wills for Canadians - You need one
Many people do not complete wills before they die. They do this for many reasons, chief among them being that many people don’t feel like they have enough assets to require protection by a will, and many people also assume that it will be too expensive to consult a lawyer to file a legal will.
Get a FREE Will & Power of Attorney done by a real lawyer with your Prepaid Legal Membership!
These incorrect assumptions should not stop you from taking this very important step. Other provisions are not enough; a written document that is not filed with an attorney is not binding on anyone. Neither is letting your family know your wishes, as they will not be bound to following those wishes once you are gone. You have to have a legal will to ensure that your wishes will be carried out.
Any assets are enough assets
Some people hear the word “assets” and think of stocks, bonds and lakefront property, but this is not necessarily the case. An asset is anything you own. If you have a few dollars in a savings account, own your home, your car, your television, your DVD collection, your computer, or your grandmother’s canister set, those are assets. Who will get those things, and who will decide what happens to anything you forgot?
Besides spelling out who gets what assets, your will appoints one person an executor or trustee of that will. This is the person who sees that the terms of the will—which are legally binding on all—are carried out. This person also takes care of any business or paperwork associated with the terms of the will.
A will also takes care of your most precious asset, your children. If you and your spouse die at the same time, if your spouse is already dead, or if your spouse is incapable of caring for children, your wishes concerning who will raise your children must be heard in such a way that they have to be carried out. If there is no provision in your will for the children, the government may step in and in come cases they may be put in foster care until custody is arranged or placed with a relative that you may not have chosen.
Affording a will
Many people are intimidated by what they think of as the high cost of hiring a lawyer. Since lawyers are highly skilled, highly trained professionals with your best interests at heart, they would be worth the high cost. However, making a legal will does not have to be terribly expensive.
Many people participate in a Pre-paid Legal Services program. This program is very like health insurance, but for legal matters, including your will. A small monthly payment will ensure that you have legal services, including for your will, any time you need them. There are also websites that allow you to download wills, fill them out, and then to simply have them recorded by a lawyer. These are just a few of the ways you can have a legal will without incurring too many expenses.
Get a FREE Will & Power of Attorney done by a real lawyer with your Prepaid Legal Membership!
Many people do not complete wills before they die. They do this for many reasons, chief among them being that many people don’t feel like they have enough assets to require protection by a will, and many people also assume that it will be too expensive to consult a lawyer to file a legal will.
Get a FREE Will & Power of Attorney done by a real lawyer with your Prepaid Legal Membership!
These incorrect assumptions should not stop you from taking this very important step. Other provisions are not enough; a written document that is not filed with an attorney is not binding on anyone. Neither is letting your family know your wishes, as they will not be bound to following those wishes once you are gone. You have to have a legal will to ensure that your wishes will be carried out.
Any assets are enough assets
Some people hear the word “assets” and think of stocks, bonds and lakefront property, but this is not necessarily the case. An asset is anything you own. If you have a few dollars in a savings account, own your home, your car, your television, your DVD collection, your computer, or your grandmother’s canister set, those are assets. Who will get those things, and who will decide what happens to anything you forgot?
Besides spelling out who gets what assets, your will appoints one person an executor or trustee of that will. This is the person who sees that the terms of the will—which are legally binding on all—are carried out. This person also takes care of any business or paperwork associated with the terms of the will.
A will also takes care of your most precious asset, your children. If you and your spouse die at the same time, if your spouse is already dead, or if your spouse is incapable of caring for children, your wishes concerning who will raise your children must be heard in such a way that they have to be carried out. If there is no provision in your will for the children, the government may step in and in come cases they may be put in foster care until custody is arranged or placed with a relative that you may not have chosen.
Affording a will
Many people are intimidated by what they think of as the high cost of hiring a lawyer. Since lawyers are highly skilled, highly trained professionals with your best interests at heart, they would be worth the high cost. However, making a legal will does not have to be terribly expensive.
Many people participate in a Pre-paid Legal Services program. This program is very like health insurance, but for legal matters, including your will. A small monthly payment will ensure that you have legal services, including for your will, any time you need them. There are also websites that allow you to download wills, fill them out, and then to simply have them recorded by a lawyer. These are just a few of the ways you can have a legal will without incurring too many expenses.
Get a FREE Will & Power of Attorney done by a real lawyer with your Prepaid Legal Membership!
