We know. We know. You probably have a laundry list of reasons as to why you don’t have a Will. You may be among the 51% of Canadians who don’t have one. Everyone needs a Will. If so, you may want to read on about why you need a one, along with some common myths about creating a Will:
1. I am married, so everything just goes to my spouse. This is without a doubt, false. Depending on where you live, the authorities can decide to whom and to where your assets will go when you pass away. If you die intestate (i.e. without a Will), your assets are not automatically going to pass on to your spouse or your family members. Major celebrity deaths, (i.e.Prince, Amy Winehouse, etc.), have often been superseded by lengthy courts battles over the money and gifts left behind by the deceased. With no proper Will in place, there have been drawn out court battles, explosive fights among family members, and little idea as to who gets what. Despite the fact that you may not be a celebrity, you may not know if something similar could happen to you; not having a Will in place can not only lead to confusion among your loved ones, but lawyer and administration fees can all eat away at your estate.
2. A Will is complicated. Many people put off creating one for the sole reason that they believe it’s going to be complex, difficult, or hard to muddle through. However, this document simply designates to whom and to where your assets will go, who is the designated beneficiar(ies) of your property, guardian(s) for your underage children, designating specific gifts for your loved ones, and if you have any charitable donations to leave behind. It is not that complicated to make one when you have access to online software — FormalWill.ca can help you create your own Will.
3. I don’t have any witnesses to sign my Will. Doesn’t a lawyer do that? Actually, there are a broad range of people who CAN be witnesses. Usually, those who take on the role of being witnesses (i.e. those who are to properly sign, initialize, and witness your Will) are individuals who do not have some sort of interest in gaining anything from your estate. Therefore, you may want to use someone as a witness who is over the age of 18, is not a beneficiary , and is not part of your immediate family. That may help to avoid any conflict of interest while witnessing and signing your document.
4. You need a lawyer to create a Will. This is a common misconception, and one that often keeps people putting off from creating a Will. There is no legal stipulation anywhere that says you need a lawyer to help you draw one up for you, nor sign it for you. You can make one by yourself without a lawyer through software. However, if you feel that your situation is too complex to do on your own, then maybe, yes, you would rather sit down with a lawyer to get it done. Either way, everyone needs to get it done.
We hope that this makes the process of creating your Will easier. Everyone needs one. You can create one right away through FormalWill.ca.