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.
Who are Your Beneficiaries?
Make sure you have carefully thought about to whom and to where you would prefer your assets/estate to go to once you have passed on. Sit down and carefully think this out. This is the first major step in creating your Will. To create a Will using FormalWill’s online system, you will be required to state your relationship status with any proposed beneficiaries (or heirs).
Naming Your Executor
The role of an appointed Executor can be complicated and time-consuming because he or she needs to make sure your assets are appraised and appropriately evaluated. Your Executor is in charge of distributing your property to beneficiaries and settling your estate and assets when you have passed. Think carefully about who you would want as your first, second and third choice of Executor. That person will also be responsible for closing any outstanding financial obligations left in your name (such as any outstanding debts to be paid), managing your funeral arrangements, and a wide array of other tasks.
When you are considering appointing an Executor for your Will, someone very close and trustworthy is the most likely candidate. An Executor appointee can be your spouse, a relative, a child, a sibling, or a very close friend. When completing your Will online, you need to identify who you are appointing as your Executor, your relationship to that person in question, and if necessary, designate an alternate Executor. If your first choice of Executor has either passed on, or is otherwise unable to fulfill their responsibilities, having a backup choice would be wise.
Decide Where Your Assets are Going
You can distribute your estate/assets among as many people as you prefer, to be split among your beneficiaries on a percentage basis. For instance, if you want to pass your assets onto a single person, identify that you would like 100% of your estate to that person. If you would like to split your estate to be divided among two beneficiaries in an equal 50-50 split, you can also identify that in your Will.
You are also able to identify any specific gifts you would like a particular person to have.
This includes charitable donations. All you need to do is determine the charitable organization you want to leave money to, identify their city/province of operation, and the dollar amount you would like to donate. Formal appraisals of your assets are not required, but may be useful later in the process, especially when it comes to valuables such as jewelry and artwork.
Identify Any Trusts or Guardians
If you would like your estate/assets to be set aside as a trust for any minor children, identify your heirs and the age(s) at which the trust will be available to them.
At this point, you will also need to establish if you are appointing a Guardian for your underage child(ren). A Guardian can be a friend or family member, but it is always a good idea to broach the topic of Guardianship prior to identifying them in your Will. That way, it will not be a surprise, during the reading of the Will.
Knowing what information you need to have at the ready before you create your Will online makes the whole process easier.
FormalWill.ca is a leader in online legal wills. Our system has been developed in close consultation with Canadian lawyers to ensure the utmost accuracy. You can create your free account in seconds and pay through our secure payment system. We have established a user-friendly online service that creates your legal documents instantly while saving you money and time.
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