A will, by definition, is a legal document which states how a deceased’s assets will be distributed. This document basically expresses how the deceased wants his or her assets to be distributed and to whom. It includes a testator (the deceased) and the executor (the individual who distributes the assets). This disposition of real property is governed by the Succession Law Reform Act which effectively encompasses the rights of testators, executors, trustees and beneficiaries.
Experts say that every individual should draft a will in order to avoid unnecessary disputes regarding their estate and to make sure that their intentions are carried out even after they die. Since it is not every day that an individual has to draft a will, many people often end up making crucial mistakes which affect the validity of their wills. This is exactly why we at CARR LAW have articulated a list of factors you should consider before drafting a will, these factors are as follows.
There are many different prerequisites for a valid will. If you draft a will on your own, there is a very high chance that you miss out on these prerequisites and your will ends up nullified. This is exactly why we recommend a lawyer experienced with drafting wills. Understanding the nuances of a will is crucial if you want your will to be effective!
Compiling a list of your assets is the first step you should take before you draft a will. Every individual accumulates a substantial amount of assets during their lifetime and mentioning all of them in the will can be quite challenging. This is exactly why it is recommended that every individual first compiles a list of their assets and then determine how you would like these assets to be distributed. Please remember that anything that has value can be classified as an asset!
Trustees are individuals that they can carry out the deceased’s wishes for different beneficiaries. For example, a testator can assign a friend as a trustee for a bank account because his or her child is too young to handle such a responsibility. The trustee will follow the testator’s wishes and will handle that account until the child is ready to handle that account. Please make sure you choose your trustee with care, as a trustee can cause serious problems.
As mentioned before there are many prerequisites and formalities that have to be met in order for a will to be effective. This is exactly why we recommend contacting a lawyer who has experience in dealing with estate law.
For more information about estate law, please call 905-553-2572 to speak to a lawyer from CARR LAW specializing in wills and estate law.