Common Myths about Wills
When you think about making a Will, you might put it off because you don't have enough assets or you are too young. These are common thoughts, and they might be worth reconsidering. This article provides a practical perspective on these common misconceptions.
1 ) I don’t have enough assets to need a Will right now.
A Will is not about how much you own, it is about having a say in what happens to what you leave behind. You may want a family heirloom to go to a particular person, a charitable cause to receive a gift, or certain individuals to benefit while others do not. If you have minor children, you may also want to express your wishes about who should care for them. Regardless of the size of your estate, these wishes need to be known and your Will achieves that for you.
2) I am too young to make a Will.
Unfortunately, you don't get to choose when your Will becomes important - life can be unpredictable. We do not know when our circumstances, including our health and wealth will change. Another reason not to put it off indefinitely is because you must have the required capacity to make a Will. If your capacity changes, you may no longer be able to make or change your Will. This is also not a document that someone else can make for you if you become incapacitated, not even your Power of Attorney.
3) Making a Will using an online Will making software is much cheaper than working with a lawyer.
This may feel true at first; however, the cost of a mistake can be much higher. Misspelled names, vague or ambiguous clauses, or failing to properly execute the Will can result in your wishes not being carried out in the way you wanted. A lawyer can also help identify important considerations that a generic template may not address, including family law concerns, tax considerations, and potential claims by dependents.
4) Once I have a Will, I can keep it anywhere.
After you have made a Will, you must consider the safekeeping of the original copy. It is best not to put your Will in your safety deposit box, because your Executor may need your Will to access the box. It is important that you store it in a safe place where it doesn't get damaged by water, fire, or pests. It is also best to let your Executor know where you have stored it, and how to access it, so it can be found when your family needs it.
5) Once I make a Will, I never need to look at it again.
Many changes can occur in one's life including marriage, separation or divorce, the birth of a new child or grandchild, death in the family, and changes in your assets. Your Will should reflect your current life, not the life you had when you signed it. It is worth it to periodically review your Will, and ensure that the people you have chosen and the wishes you have reflected are still what you want. Making a Will is not the end of the planning process; it is the beginning of a plan that may need to evolve with you.
If you would like to discuss anything further, feel free to book an appointment with our team.
Sincerely,
Nikita Gupta, CPA, JD nikitaguptalaw@gmail.com
The comments offered in this article are meant to be general in nature, are limited to the law of Ontario, Canada, and are not intended to provide legal or tax advice on any individual situation. Before taking any action involving your individual situation, you should seek legal advice to ensure it is appropriate to your personal circumstances.
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