A Last Will and Testament is legal document that most people need but few like to discuss. To demystify the process of preparing a Will, here are the 5 “W’s” of Wills.
1. Who Can Make a Will?
Anyone over the age of majority, who is mentally capable, can make a Will. We usually suggest that if you have children, if you own property or if you have non-registered investments, you should consider having a Will prepared for you. A Will allows you to ensure that your property is passed on to the person or persons that you choose. This includes any size of estate. With a big or small estate, having a Will reduces complications upon your passing.
2. What is a Will?
A Will is a document that names the person or persons you want to deal with your assets when you die. It names the person or persons that you want to give your “stuff” to and, if you have children, names the person or persons you want to care for your children when you are gone. A Will also sets out the actions that can be taken by your Estate Trustee in the process of gathering your assets and transferring them to your chosen beneficiaries.
3. Where should I keep my Will?
Here at Rinaldi Silva LLP, we offer to retain your Will in our secure, fire and waterproof vault at no charge to you. If you do wish to take your original Will home, we suggest that you do not keep your Will in a safety deposit box at a bank or other financial institution. Without the Will, you cannot access the safety deposit box. It is also important to let your Estate Trustees know in advance where to locate your Will to avoid confusion.
4. When Should I Prepare my Will?
You should prepare your Will when you purchase your first home, when you have (or are expecting) your first child, or when you want to ensure that your assets are dealt with in accordance with your wishes once you are gone. You should also review your Will every five (5) years or when you have a significant milestone event (births, deaths, marriages) in your family.
5. Why Use an Estate Lawyer to Prepare my Will?
Using a lawyer with experience in Estate planning and administration allows you to tap into their years of experience to craft the best document to reflect your wishes and requirements. At Rinaldi Silva LLP, our lawyers have had many years of experience preparing Wills as well as assisting in the administration of Estates.
We would be happy to arrange a consultation in person, by telephone or via video call.
PAUL SILVA – VINCE RINALDI
RINALDI SILVA LLP
720 Guelph Line
This article is not legal advice. It is a general guide to the subject matter for your information. Please contact our office and one of our experienced lawyers can assist you with your legal needs.