No matter whether you have a vast real estate portfolio or a small-scale business, having a will in place can save you and your family from various financial and emotional troubles after your demise.
However, despite the significance of a will, 51 percent of Canadians haven’t yet drafted a will of their own. And those who have done so did without hiring a will and estate lawyer. This results in a will that’s weak, questionable, and easily revocable.
So if you don’t want your family to face trouble executing your will, here are some mistakes to avoid.
Common Mistakes of Writing a Will
Here are the common will writing mistakes that can be avoided with the help of a lawyer in Toronto.
Taking a DIY Approach
The biggest mistake many people do is not hiring will and estate lawyers to draft their will and devise an estate plan. This approach can cause your family many hours of turmoil as they prove the legitimacy of your will.
Overlooking Assets
You may only look at cars, property, and jewelry as your assets. However, your savings accounts, insurance policies, and debts are also a part of your finances and must be included in your will.
Forgetting to Update
The birth of a new child/grandchild, the death of a spouse, or divorce are some of the events that can significantly impact your will. So if you have hired a divorce lawyer to part ways with a spouse you’ve nominated in your will, it’s also time to update your will accordingly.
Not Having the Right Witnesses
According to the will and estate lawyers, every individual must have two adult witnesses to their will. These witnesses must not be your spouse or beneficiaries of the will. Many people ignore this important step while drafting a will.
Not Informing Executors or Appointing a Guardian
Most people nominate an executor of their will but don’t inform or discuss it with the said person. This can result in confusion or last-minute problems if the executor is unwilling to take responsibility. Likewise, for people with minor children, not appointing a guardian for their child can also lead to unwarranted problems later.
Get Professional Help From Will Lawyers in Toronto
If you’re looking to hire will and estate lawyers in Toronto, then contact us at Nanda and Associate Lawyers. We have family lawyers, corporate lawyers, and experienced immigration lawyers. You can also book an appointment here to consult before your refugee appeals, immigration appeals, and spousal sponsorship matters.