The power of a will – Make your wishes know
Did you know? In the event of your death, the government and courts will decide who gets your assets and who takes care of your children if you don’t have a will. When it comes to managing your finances, creating a will is probably last on your to-do list. But if you have a family, it is one of the most important steps you can take to protect them.
In most cases, if you don’t have a will:
- The government will write your will for you
- The law doesn’t favor the care giving child and gives as much to the child you haven’t seen in 20 years.
The scary fact is that 70% of Canadians do not have a willCanadian Newswire, June5, 2003
Where there’s a will, there’s a way!
A will puts you in the driver’s seat – which is especially important if you have children. As a parent, it is important to name someone you would like to serve as the guardian for your children in the event of your death. Without a will, the government could appoint the guardian for you children. As a parent, you want to know that when you are not around anymore; the person who will take care of your children are trustworthy and well known by you.
But two other documents are also important: a durable power of attorney and a living will. They ensure that your wishes will be carried out in the event that you become terminally ill or critically injured in an accident.
When crafted carefully and used in conjunction with a life insurance plan, these documents can provide maximum security for your family.
There are three essentials you have to consider when making your will:
- Will: Legal document that dictates how to distribute your property after your death. If you don’t have a will, you die intestate, and your provincial law determines what happens to your estate and your minor children. I am sure you don’t want your kids to be adopted by some stranger so please take your time and make a will.
- Living Will: A legal document in which you write down what you want to happen if you become ill and can’t communicate your wishes about treatment. Your living will should list the kind of medical treatment you do or you don’t want for yourself, like being kept alive by artificial means if you become terminally ill or seriously injured.
- Power of Attorney: There are two kinds of Power of Attorney: Power of attorney for Property and Power of Attorney for Personal Care.
- Power of Attorney for Property: A legal document that covers your financial affairs. If it is continuing, it allows a person to act for you even if you become mentally incapable. If it is Non-Continuing, it can’t be used if you become mentally incapable.
- Power of Attorney for Personal Care: A legal document that covers your personal decision, such as housing and health care.
Legal costs vary widely for a basic estate plan, from $700 for simple wills to $3,000 for wills involving basic estate-tax planning.
The question often is asked:
Do you need a lawyer to make your will? If you’re thinking about making your own will, you may feel a little uneasy about the process. After all, shouldn’t you seek a lawyer’s help with such an important legal document?
The answer depends on your situation. If you’re like most people, you won’t need a lawyer. With good self-help materials, it’s not difficult to make a will that takes care of basic concerns, such as leaving a home, investments, a small business and personal items to your loved ones. And if you have young children, you can use your will to name a guardian to take care of them, as well as someone to manage any property they inherit.
Making a will rarely involves complicated legal rules. In most states, if you’re married, your spouse has the right to claim a certain amount of your property after your death. If you leave your spouse at least half of your property, this won’t be an issue.
You need to sign and acknowledge your will in front of two witnesses. But beyond these basic requirements, you may parcel out your property however you like, and you don’t have to use fancy language to do it. In short, if you know what you own, whom you care about, and you take a little time to use self-help resources, you should be fine.
Every will must name someone to serve as executor, to carry out the terms of the will. Be sure that the person you have in mind is willing to serve and they know that you appointed then to act as executor; you definitely don’t want to put someone in a position where they find out that they are your will executors as a surprise after you pass away.
Store your will safely. Tell your executor where your will is and how to get access to it when the time come.
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I want to make a “living will” can i just write this in my journal and it will be ok? if something were to happen to me will my children go to who i have wrote in my journal? or do i need to go out and accually buy a peice of paper and write this down? pleaase in detail let me know how i can protect mt kids to know where they will go if heaven forbid something were to happen to me!
As I mentioned in the post The power Of A Will/ a Living Will: is a legal document in which you write down what you want to happen if you become ill and can’t communicate your wishes about treatment. Your living will should list the kind of medical treatment you do or you don’t want for yourself, like being kept alive by artificial means if you become terminally ill or seriously injured.
Krystal what you want to make is a Will, in which you name someone to serve as the guardian for your children in the event of your death. Yes you should get a piece of paper and write down your wishes and SING in front of TWO WITNESSES !!! Those two witnesses have to sign your will as well and that will legalize the document.
Often especially among young couples a will seems to be “old peoples” business; to take care of their properties and assets distribution. Who get’s what after their death. When young couples don’t own anything yet a will seems unnecessary, but once you have a child a will and a life insurance is a MUST. I am sure that your child is the most important thing in your life so it’s important to protect your children. Often for parents is hard to decide whom to choose to be the guardian of your child and that’s the reason they don’t make a will.
Take time to carefully consider who will be your kids guardian. For example: if you like your sister but you’re not comfortable with your brother-in-law then name your sister as guardian, not both of them. In case they ever get divorced you know for sure that your kids will be with your sister. Consider the age and the health of the guardian to be too. Sometimes it great to have a back-up person just in case something would happen with the first guardian. Choose someone who has kind of same values and would raise your kid the way you would. In some instances one individual may be great with the kids but they may not be responsible with money, then you can choose a different person who will be the trustee for your kids money.
Whatever you decide write it down on a piece of paper and SIGN it. It’s important to sign in front of two people. Hope i was able to answer your question. If you still have any concerns or more questions feel free to ask.
I had heard that if one handwrites and signs a will, that it holds the same legal power as two witnesses signing it. Is this true? Just wondering as this has come a few times in conversation. BTW I live in Ontario,Canada.
The reason the court asks for two witnesses to sign your will, is to confirm that your signature is real and is not falsified. This could be really important in a case when you may not have a great relationship with your partner or ex partner. Let’s say you would love your children’s guardians to be your parents, but you have no witnesses certified and singed will….don’t take me wrong, but if your partner knows your signature, it’s not hard to sign one with your name. However, when you have a will with the signature of two witnesses it is almost impossible to falsify it.
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Thanks Charlena,
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Robert,
Thanks a lot. I appreciate your time to stop by and comment and thanks for reading.