Estate planning is considered to be one of the most intricate areas of law as it plays a crucial role in every individual’s life. Every person out there wants to guarantee that their loved ones are taken care of after they pass away and this can only be done through effectively drafting a will. However, estate planning is shrouded by many misconceptions that deter people from making informed decisions. One mistake while drafting a will or planning how an individual’s estate should be distributed can be quite detrimental. This is especially true if the will has been drafted without the help of lawyer. Below is a list of the most common myths and misconceptions that shroud estate administration.
The most common misconception regarding estate planning is that people should only consider drafting a will when they reach a certain age group. However, we all know how life can change on a dime and this is exactly why it is imperative that you consider drafting a will as soon as possible. It doesn’t matter how much estate people have accumulated, putting a plan in action beforehand will ensure that everyone’s loved ones are taken care of.
Another common misconception that deters people from drafting a will is that everything will automatically go to the deceased’s immediate spouse. However, this is not true as there are many different factors which come into play when distributing the deceased person’s assets among their family members. For example, if the deceased has debts, then different assets may be sold in order to clear the debt and this might conflict with their intentions.
Most people believe that wills are confidential and should not be discussed with anyone. However, this is not recommended: how can someone make sure that their intentions are upheld after their death, without communicating their intentions? Of course, this does not mean that people should let everyone know about the contents of their wills, but communicating these contents with a loved one or a lawyer is crucial for effective estate planning.
This is probably the most detrimental misconception that many people have. Simply writing an individual’s intention on a piece of paper will suffice as a will; however, this is not true as there are many prerequisites which have been inferred by the law. There is legislation in Ontario that sets out multiple prerequisites for wills, such as the requirement of a witness, consent of trustees, list of beneficiaries and signature requirements. There are many other prerequisites which have to be adhered to in order to effectively draft a will that can be upheld in court.
If you want to learn more about wills and estate administration, contact CARR LAW at 905-553-2572 to speak to a wills lawyer today.