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Hi guys/girls-my Family conditions have changed (daughter is adult now ,and she got married too ) .
Our last will from 15 years ago is kind of outdated.
What would You recommend for a new will-go to a lawyer,or do it yourself?
If do it yourself-any advice, or form to be used?
Cheers and Thank You
GBK
Having had a bad experience with “do it yourself” legal documents, I’d see a lawyer for the added peace of mind !
x2 go to a lawyer and let them deal with it as they usually cover all the bases.
X3 lawyer.
My advice is usually to try to go through life without dealing with lawyers, but wills and property sales is the exception.
Unpopular opinion. You don't need a lawyer.
There are some decent kits that layout the language you need.
You will need to ensure that your estate has all assets fully accounted for. You will also need to outline specifically any assets that are to go to specific recipients.
If you haven't got much in the way of assets, or investments, then it can also be put down to a percentage. The executor can be put in charge of liquidating things to obtain market value. ( Often done via auction or sale).
Key point. Keep it up to date, and your witnesses will need to sign it in front of a notary, or a commissioner of oaths ( most Municipalities have this as the duties of the clerk).
PM me if you have any questions.
aside from a will its important to note the day you pay the most taxes is the day you die - go see a good accountant to make sure youre doing everything you can to protect your assets from any taxes/probate that you can legally avoid.
Agreed and the best way to pay those taxes so they are not left with your dependents is Life Insurance!Quote:
Originally Posted by kokes
I still don't have a will, started writing my own but lost interest. There are a few things I have to fix. But it's not hard to do your own and you can find free information online for Ontario.
I'm thinking of burying a bunch of money, maybe in one of the several caves I have been in NB or some sites in Ontario and make my kid's go look for it, if they want it.
I had some silver bullion but sold it when someone offered me 20 bucks higher per ounce then the highest quote on the internet.
Big mistake I really wanted to bury it someplace as I had picked out several caves I knew of in NB. One even had a underground waterfall. I though it would be cool to bury it there. In my will I would leave a treasure map.
I might buy some more some day a 100 ounces would be nice to bury right now they want about 8 over spot, when I bought mine I paid 1.00 over spot and then sold at 20 over spot.
https://www.youtube.com/watch?v=s_JZ8TCOvTw
Thanx all for the help-looks like a lawyer will be the choice of the Family.Cheers
Depending how much you have in assets a living trust may be preferable to a will. Wills require a court procedure, can be contested and the process can be long and expensive.
Living trust is private, cannot be contested, avoids a court/judge, and does not drain your estate with fees and costs. It can also provide a level of conditionality beyond death, for example kid must complete school or a degree to gain full access to funds, etc.
The reason most lawyers will recommend a will is because they know the legal system, if not themselves, will gain financially from it.
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The last cheque you write should be to the undertaker... and it should bounce ! Lmao !
We plan to give all assets to the kids equally divided when we get up in age. Even our house, we will rent it from them.
This way the government cant steal it from them when we pass.