Does a Will Need to Be Notarized in Canada?

Do I need a Will? Does a Will need to be notarized by a government agency? Do Wills require notarization to be valid? Are online Wills valid?

There are so many questions when it comes to making and planning a Will. You may have realized that you need one, but where do you start? How can you be sure you have met all the legal requirements and that your loved ones are protected?

Fortunately, we have got you covered with answers to some of the most frequently asked questions concerning the creation of your legal Will. Browse the questions and answers to ensure that your Will meets all of the necessary Canadian legal requirements.

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Understanding the Role of Life Insurance in Estate Planning

Life insurance plays an important role in planning your estate. An insurance policy can be used to preserve the value of your estate, support dependents and ensure that there is enough money available to pay any outstanding debts, fees or taxes upon your death.

Estate liquidity is crucial to providing living expenses to surviving family members. One of the best benefits of life insurance is that it offers tax-free money to your beneficiaries.

There are a number of reasons why you may want a life insurance policy, including:

  • To cover paying off taxes on your estate which you may owe on your death
  • To cover paying off taxes on any illiquid assets you may have
  • To cover funeral, lawyer and Executor expenses (including possible probate fees)

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The Advantages of Do-It-Yourself Will Kits

A Last Will can provide you with the peace of mind necessary to be certain that your final wishes will be followed through after your death. If you do not have the time or money to go through the process of sitting down with a lawyer and paying the fees a lawyer would charge for a Will, a do-it-yourself online Will kit is a valuable alternative.

Prior to moving forward with making an online Last Will and testament, you should know what it entails.

Online Will Kits are Fast, Efficient, and Legally Binding:

When you create a Will using an online website (such as FormalWill.ca), you create your legally-binding document quickly and in minutes. Once you print off and sign your document, you need to have your witnesses sign and initialize in the appropriate areas of the document. This ensures that your document is legal. Make sure that it is stored safely, either in a deposit box, a fireproof safe, or with a lawyer.

The Will provided in a court should be the original signed document.

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Think it’s Time to Revise Your Will? Here’s How to Know for Sure

A Will is not something you create and forget about.

Life changes, and it is important to make sure that you are leaving your assets to the people that mean the most to you. There are seven major life altering events.

Did You Just Get Married?

This is typically a time when people think about getting a Will done. Prior to you saying “I do,” it is likely that your parents or siblings were the beneficiaries of your life insurance, assets, estate or money. Now that you have a spouse, you may want to entirely overhaul (or even start) a brand-new Will or reconsider the terms of your life insurance policy. If you pass on prior to your spouse (say in the event of a common car accident) that person will be taken care of.

You Have Health Issues

You can never truly know what life will throw at you. You may encounter a time when you are unable to make decisions on your own behalf. Establishing a Will and Living Will prior ensures that your wishes will be followed even when you are not able to make decisions. Do not leave your family struggling in the most stressful time.

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