How do you revoke a Will?

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?

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Why do you love your pet?

Humans have a tendency to infantilize their pets; we love our dogs and cats and sometimes refer to ourselves as “fur moms” and “dog moms.” We adore our pets, and sometimes even lavish more love for them then our human family. 

Humans love their pets for a variety of reasons, including the companionship, loyalty, and unconditional love they provide. Pets can also offer a sense of comfort and emotional support, especially during times of stress or loneliness. Additionally, many people find that caring for a pet gives them a sense of purpose and responsibility, which can be beneficial for mental health.

Furthermore, humans have a natural inclination to form bonds with animals, as evidenced by our long history of domesticating animals for various purposes. This may be rooted in our evolutionary history as social beings who have relied on relationships with other animals, such as hunting partners and livestock, for survival.

Finally, pets can provide a sense of joy and pleasure simply through their presence and playful behavior. Many people find that interacting with their pets brings a sense of happiness and laughter to their lives, which can be invaluable for overall well-being.

What what are the scientific reasons behind just WHY you love your pets? John Bradshaw, a researcher from the U.K., has a few ideas and it may surprise you: Why do we love our pets?

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How do I choose an Executor for my Will?

Last week, we wrote about the importance of choosing a Guardian . This week, we are writing about the importance of choosing an Executor and all that entails. This individual is someone appointed by you to look after your estate and assets after your death. Just as choosing a Guardian can be a difficult choice, choosing an Executor for your Last Will and Testament can be hard. Before selecting someone to be your Executor, however, consider what an Executor does:

  • The role of this individual can be complex and time consuming: this person secures the assets and estate of the person who has died (in other words, the Executor looks after all of your stuff when you are not around anymore and takes inventory).
  • The Executor has to make sure that your assets (particularly heirlooms and antiques) are properly appraised and evaluated (i.e. find out how much these items are worth). See this real-life example.
  • Paying off any debts you owe : this is a huge part of why a Will is so important. When you do not have a Will in place, that means that your estate has to pay extra legal fees to hire a lawyer to figure out to where all your things go.
  • Make funeral arrangements – sounds like an easy task but comes with emotional baggage and extra financial costs which are taken from the estate.
  • Forwarding mail, canceling subscriptions, etc. In order to cancel mail or subscriptions the Executor has to provide proof through a death certificate.

Those are just SOME of the tasks an Executor has to take care of. Which is why you should consider the following when it comes down to CHOOSING the Executor for your Last Will and Testament :

  • Is this person up for the task? Given the administrative, legal and financial headaches the role of an Executor can bring (on top of having a full time job), does this person have the ability and time to take on this role?
  • Where does this person live? Consider the fact that if you choose a sibling or parent to take on this role, does he or she live in the same province? If the answer is no, are there special requirements or paperwork for that person to fill?
  • Who can you trust to be impartial? Who will follow your wishes? Does this person whom you have chosen to be your Executor have a stake in your Will? Is their judgement skewed in favour of him or her getting more of your estate because of all the extra work they are taking on in their role as Executor?
  • Does the Executor get paid from your Estate? What provincial laws are there regarding this?
  • If you use an independent third-party to be your Executor, such as a bank or a lawyer, how much comes out of your Estate to pay that independent third party? Can you trust this third party to be neutral? See this $4 billion costly mistake JP Morgan made.
  • Just like a Guardian, consider the fact that the person who is not chosen as Executor may take offense.

Some of the most common choices for appointing someone to be an Executor tend to be a spouse, adult child, parent or sibling. This is particularly true in situations where such individuals will be the ultimate beneficiaries of the Estate.

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Who should I appoint in my Will as a Guardian for my children?

Choosing someone to look after your children when you are gone is obviously a tough decision. Appointing a Guardian in your Will can be one of the toughest decisions to make, and it is not as simple as just choosing mom, dad or a family member to be Guardian of your children. There are many aspects to consider when it comes to appointing a Guardian.  Here are some important issues to consider about selecting a Guardian:

  • Will your spouse be onboard with your choice for Guardian? What happens if you and your spouse sit down to do a Last Will and Testament only to discover that you each want to choose your own set of parents to be Guardians for your children?
  • Will your Guardian outlive you? Many people may choose their own parents as Guardians for their children, but you also have to consider the fact that your own parents may not outlive you. If that is the case, who is really the ideal person to look after your children?
  • If mom and dad are not the best choices as suitable Guardians, you may want to look at family members, such as brothers or sisters to look after your children. Is that something your spouse would want?
  • If you were to choose a relative to look after your children, would your spouse find that person a suitable candidate?
  • Consider what would happen if you picked one person to be Guardian over another, would that offend someone else? Even though you might offend someone, at the end of the day you have to do what is right and choose the person who would be best suited to look after your kids.
  • Does your choice of Guardian have the same religious, cultural and even dietary values as you? Does your Guardian get along well with your children?

These are the biggest questions to consider. It is always best to sit down and have a talk with your spouse before anything is written up or documented in a Will. When you do decide to draft your Last Will and Testament, consider the fact that FormalWill has a system where you can appoint a Guardian and alternate Guardians for your children in your Will. That way you can be assured that there is always someone there to look after your children in the event  that one of your selections for a Guardian are unable to.

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