Intestacy is dying without a Last Will and Testament. Have you considered what would happen if you died intestate? What would happen to your estate?

Intestacy usually operates as follows (this varies by province or territory):

• Everything passes on to the spouse and/or children
• If the deceased had no children, everything passes on to the parents
• In the event the parents have passed away, everything passes on to the siblings of the deceased
• In the event no one is left, the government may acquire the remaining assets and estate

You can see where this issue grows complex especially if you have a common-in-law spouse, step parents, siblings and so on. How will a person’s estate and assets be divided up by the courts if you do not have a Will? Even if you believe that your estate and assets are too small to be worth something, the chances are that you at least own some property such as a house, car or have some money in the bank.

Putting a Will in place ensures that your assets and estate go to the people you would prefer.  With a Will you can also make charitable donations and leave things to close friends.  Moreover, what about the pressing issue of a Guardian? Who will raise and look after your children if you are not there?  Importantly, a Will allows you to name the precise people you would trust with being Guardians for your children.

If you still assume everything is going to be fine after you die intestate, the courts still have to step in and administer where all of your stuff goes. That costs money, which will come out of what is left of your estate.   Dealing with an estate where there is no Will is more expensive in terms of legal costs, more complicated, and time-consuming.  

Don’t let your Estate get caught up in expensive, complicated, and lengthy court hearings by not completing your Last Will and Testament.   

If you have a Last Will and Testament (or are thinking about drafting one), then you may be wondering when and how you would go about updating it. People generally think about getting a Will during the biggest changes of their lives. Typically, one would assume that the very first Last Will and Testament a person creates is going to need updates down the road as their life changes. People marry, divorce, have multiple children, etc. and all of those type of changes in a person’s life need to be reflected in a Last Will and Testament. How does one update their Will when necessary?

There are two options to update your Will. One way is to create an entirely brand new Last Will and Testament. The second option is to create a Codicil (an amendment) to your Last Will and Testament. A Codicil would have to be dated, signed and attached to the Will so your Executor knows when the Codicil was created. A Codicil would have to fit seamlessly with the other sections of your Will and avoid any conflicting language. Although some may view a Codicil to be satisfactory for small changes (i.e. changing the amount of money you want to give to a specific person or to a charity), it is generally much better to create a new Last Will and Testament so there is absolutely no confusion or conflict between a Will and a Codicil. This is particularly true if you wish to make multiple changes to your Will.

The good news is that through the use of online Will software, you can create a new Will with the changes you want to it without having to pay for a brand-new Will through a lawyer. Bottom line: Avoid confusion by editing your Will through Will software.

You know about the importance of a Legal Will in Canada. You put off thinking about completing your Will, believing that it is something you need to think about later. Or you may also put off drafting a Last Will and Testament because it is too complex and you just do not have the time (or do not want) to think about it.

A simple explanation of a Last Will and Testament is that it is a legal document directing where all of your assets (gifts, charitable donations, etc.) go when you die. Your assets could go to specific individuals or to various organizations, such as charities. While this is a necessary and important document to have, it is estimated that at least 50% of adults do not have one. There are a number of reasons as to why people may not have one, such as: the time it takes to see a lawyer, the cost of seeing a lawyer, or just procrastination. Money and time are often huge factors in putting off a Last Will and Testament. There are, however, inexpensive alternatives to seeing a lawyer. These options include: a) an online Will, b) a holographic Will, or c) a Will kit.

We have previously written about the advantages of creating an online legal will; an online Legal Will Canada provides you with the advantage of creating a document through Will software, which is a cheaper and less time consuming alternative to seeing a lawyer. The option to use online Wills are recommended if you do not have a complex estate. It is a preferable method to using a holographic, hand-written Will. An online Will uses technology that guides you through the process the process of creating a Will and reminds you of the important things to include in your Will. If you draw up a hand-written Last Will and Testament, chances are that you will be leaving out many legal issues that need to be addressed.

What is the difference between an Online Will and a Will kit?

So you might ask yourself, what is the difference between an online Will and option c, a Will kit? A Will kit is just that, it is usually a “kit” that you can purchase through a store, and it consists of papers to guide you through the process of creating a Last Will and Testament. The difficulty is that, unlike using online Wills or Will software, a Will kit may not be up to date and additionally, it does not have the benefit of technology that guides you through the process.

It is always best to have a guide through the process of creating a Will.

We can help right away! Create a free account just in seconds and lets talk!