7 Things To Know When Drafting A Will With Your Lawyer

Planning your will requires care and a specific knowledge of the law. Your estate lawyer can take care of all the paperwork and the administrative tasks, but your input is vital to ensure that your family is well cared for. Learn as much as possible about estate planning so that you can have informed discussions with your lawyer.

If you are meeting an estate lawyer to plan your will, make sure you are familiar with these topics:

• The difference between a will and a power of attorney: A will decides who gets what and how much and appoints who is going to manage your property. It only kicks in after your passing. A power of attorney, on the other hand, assigns someone to make important decisions on your behalf while you are unfit to make them yourself.
• Dying without a will: If you happen to pass without having drafted a will, the provincial law will decide how to divide your estate. Your family will have no say in the process.
• Debts after death: You will name an executor to manage your estate in your will. The executor’s duties include ensuring that your assets are accordingly distributed and debts are paid off from your estate. Note that, in most cases, the executor will not actually inherit your debts.
• Inheritance and kids: If your kids are under the age of majority at the time of your passing, a trustee of your choice will be needed to manage their inheritance until they become adults.
• Potential complications: Wills become more complicated to draft if you are a business owner, own shares of a private company, have second marriages, and live in a blended family. Make sure to notify your estate lawyers about these intricacies if they apply to you.
• Ownership: Some people do not own what they think they own. They may think they are the full owner when they are not. Or they may have forgotten that they have transferred ownership of some assets years ago. Before meeting with your lawyer, double-check ownership of your assets.
• Amending your will: A will is not necessarily a one-and-done procedure. Changes in your life should also be reflected in your will. Your will may have to be amended because of:
  • • Marriage
    • Re-marriage
    • Separation
    • Divorce
    • Birth or adoption
    • Death of a spouse
    • Death of an executor

Of course, your estate lawyer will be happy to educate you further on any of these topics.

Drafting a will to protect your assets and provide for your family after death is commendable, but it needs to be backed by sensible planning. Not having considered all potential implications regarding your estate can result in a poorly conceived will that leaves your family stressed and confused.

To make sure your will accurately reflects your wishes, partner with Ellis Legal Group. Our skilled and knowledgeable estate lawyers will walk you through the entire estate planning process, from your free 30-minute consultation to your final signature. Your family and loved ones are in good hands with Ellis Legal Group. Call 403-879-1635 or fill out the online contact form to get in touch with us.

Q: Can I draft a will without the help of a lawyer?
A: Yes. The law allows it. However, homemade wills may be unclear, improperly drafted, and subject to unforeseen taxing. To guarantee peace of mind for both you and your family, solicit the help of an estate lawyer.

Q: Can I alter my will at all?
A: Yes. You are free to change elements in your will at any time. Unless the changes are small, you may have to draft a new will.

Q: Do I need to have a minimum amount of assets in order to draft a will?
A: No. You can draft a will regardless of your net worth.