Think you’re ready to prepare a Will? Preparing a Will online saves you time and money, and spares your loved ones the headaches of  dealing with skyrocketing administrative fees and estate taxes after you pass away. Without a Last Will and Testament in place, your heirs may also go through a lengthy court process, which may change to whom and where your property, estate, assets, etc. are going to go. Think about how the process will go by first starting out with your Will.

Being clear about your intentions once you have passed is essential to creating a Will, so preparing yourself adequately for the process of creating one is vital.

We’ve outlined below the information you need to have handy and the questions you need to ask yourself now that you’ve decided to create your Will online.

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A Last Will and Testament is a legal document designating to whom and to where your assets and estate will pass to upon your death. People sometimes believe that a Will and  is only for those who are nearing death, but that is not always the case. Major life changes and revaluating your circumstances are among the best times to think about either starting a Will or updating your LW. Many clients have often started or finished their Wills right before a trip. 

People sometimes put it off because the thought of going to a lawyer and spending a lot of money may be intimidating. There are alternative options you may want to look at.

You can use our online order form to create your own Will, and you can update it should the need arise.

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...And How to Prepare a Power of Attorney Online 

Learn about the importance of a Power of Attorney. Having a Power of Attorney document is essential for a situation in which you may be incapacitated (i.e. after a common car accident). Someone else may be required at that point to handle your financial and business affairs. A Power of Attorney allows someone you trust the authority to make financial decisions on your behalf if and when you are unable to do so.

A Power of Attorney is different from a Last Will: a Power of Attorney comes into effect while you are alive. The person making the document is known as the “Donor,” while the person appointed to make decisions on your behalf  is known as your “Attorney.”

Before You Start The Process of Establishing Your Power of Attorney

The importance of a Power of Attorney can’t be underestimated. You should have some of your personal information at the ready, including your legal name and current address. You should also know at this point whom you would like to appoint as your “Attorney” and who you would want as a backup choice.

Who You Want to Appoint as Your Power of Attorney

The person appointed by you must be prepared to act in your best interest and keep records of all of the duties they have performed on your behalf. Keep in mind that your Attorney can resign by written notification.

When you have decided who you would like to act on your behalf, you will need to identify that person in your Power of Attorney.Their name and relationship to you will be noted.

FormalWill.ca’s proprietary technology produces a Power of Attorney that gives broad powers to cover a range of financial and business matters, manage real estate, maintain insurance and act upon many other financial matters on your behalf.

FormalWill.ca is a leader in online estate planning. Our system has been developed in close consultation with Canadian lawyers to ensure the utmost accuracy. We have established a user-friendly online service which creates your legal documents instantly and is designed to save you money and time.

Are you ready to start your power of attorney document right now? Click here to learn more.

People sometimes ask if their Last Will and Testament comes with an expiration date. Do you need to fill out a new Will if at any time the old one expires? While the answer to that question is no, it is always a good idea to change your Will as you see fit. Life changes and your Will should change along with it. There are numerous reasons as to why you would want to change your Will including: a birth or death in the family, a new job which causes you to move from your old location, receiving a new inheritance, or anything major which causes changes to your life.

Some people ask if they can simply input certain hand-written lines into their Last Will and Testament, which is really not a good idea simply for the fact that a hand-written notation scribbled on the side of a Last Will can cause confusion for your Executor or loved ones. If you hand-write an amendment to your Will it may invalidate other parts of your Will. Or it just may be confusing to read, or even not considered as a legally-binding aspect of your Will.

If you want to make changes to your Will, having an entirely brand-new Will drafted up is best.

That brings up another question about Wills: what happens to the previous Will you created? When you create a brand-new Will, any Will that was created prior to that is rendered null and void. There is usually a clause specifying this in the Will and this clears up any confusion between the new and old Will you have just created. In order to ensure that copies of your old and new Will don’t get mixed up, you may want to either shred or burn the old document, which includes both signed and unsigned copies of the Will. That also includes making sure that neither your Executor nor your loved ones have any copies of the old Will.

One thing to be certain of when you start drafting up your new Will is to ensure that your Executor and loved ones all know about the new copy. There are infamous cases of squabbling over money once a person dies and contentious courtroom battles over a person’s assets. Even if you believe that you don’t own much, you still want to make sure that there is enough for your family or loved ones to be looked after, don’t you?