This can be in the law office where you drafted it, a safety deposit box or a safe at your residence. If you have any children who are minors, you can name a guardian who you’d like to take care of them in case of your passing.
Here are a few things that you should avoid putting in your will. One of the biggest misconceptions about creating a will is that it takes a long time, and you have to gather documentation like tax returns and financial statements. The reality is that creating a will involves knowing the answers to three key questions. Who do you want to act as your executor (the person who will wrap up your estate)? If you have the answers to those questions, creating a will can take 15 minutes. Seeking professional legal assistance with a will helps ensure all your documents are prepared and witnessed properly. There are also ways to reduce some of the costs you’ll get in legal fees.
How to Write a Will in Australia
Read more about will kit here.
If you use a reputable online Will service, they will let you make changes to your Will. Circumstances change and you should be able to easily and quickly make the revisions that you need. Even if your Executor has the key, if they are not the box holder the bank will not let them access it.
This is because when you make a Codicil, there are no changes made directly on the Will itself, and without the Codicil, there is no other legal evidence of the change. You should also make sure that if you have signed an Enduring Power of Attorney, the person concerned has a copy of that document or knows where to find it, too. If your situation is “complex”, we recommend having your Will custom-drafted by a lawyer. There are no limitations on same-sex couples writing a Will that leaves part or all of their estate to their partner. You can leave your estate to anyone, irrespective of your relationship status or type. In the case of a Will, you appoint an Executor (or multiple Executors) to carry out your wishes after you die.
Once done, you’ll enjoy true peace of mind for decades to come. This article is based on laws, regulations and other rules applicable to Canadian wills, and is current as of the date of publication. Laws, regulations and rules are not uniform in Canada, are subject to change, and will vary by province and territory.
Your Top 10 Will Questions Answered
One free option is creating a holographic will, which is entirely written, dated, and signed in the testator’s own handwriting, which eliminates the need for witnesses. In other words, it is a will that’s been created without the assistance of a lawyer or any other third party. While it may seem like the easiest option, our Reviews Team doesn’t recommend creating a holographic will because they can be prone to fraud or misinterpretation. If you have preferences for what happens to your property when you’re gone, you’ll need a valid will. Once your estate is in probate court, it’s too late for your family to give instructions, even if they know your preferences. It’s very important to be as specific as possible, to avoid causing any confusion or conflict. Provide your beneficiaries’ full names, and describe the specific property in great detail.
Being an executor is a significant responsibility, so you’ll want to choose a reliable and trustworthy person. Many people choose their spouse as their executor or a responsible adult child. If it’s convenient, you can assign multiple executors to work together. If you’re married or have a common-law partner, it’s critical that you discuss your will with your spouse beforehand to ensure that you’re in agreement when it comes to your intentions.
If there are any potential issues, it’s important to address them beforehand. This could include allocating shared assets or provisions for children from previous relationships.
This is an option if you have a simple estate and want to avoid the costs of hiring a lawyer or paying for an online will. Once you’ve gathered all of the necessary information and made decisions on an executor, beneficiaries, etc., it’s time to proceed with making your will.
