In most cases, having any form of a Will is preferable to having no Will at all as it allows you to express your wishes. However, it is essential that the Will accurately reflects your intentions and is executed properly.
It’s crucial to note that without a Will, the intestacy laws of Ontario dictate the distribution of your estate, leaving you with no control over the process.
While Will kits and online Wills can be valid, it’s uncommon to find one without issues. Common mistakes include repetitive bequests, incomplete information, incorrect asset identification, omission of a “residue” clause, and oversight of beneficiary designations.
I’ve encountered cases where a person had a Will that was only signed by one witness after their death, rendering it invalid in Ontario. This discovery was a distressing shock for their family. Handling errors in a DIY Will often leads to higher legal costs compared to having a lawyer prepare it correctly from the start.
A prevalent oversight with DIY Wills is neglecting to have one of the witnesses swear an affidavit at the time of signing. This step is challenging without a lawyer’s assistance and is frequently forgotten. The affidavit is necessary for probate in Ontario. Consequently, if the person passes away years later, locating and consulting the witnesses may require considerable effort and expense, or additional legal steps will be needed to validate the Will. Once again, the overall cost is likely to exceed what it would have been if a lawyer had been involved from the beginning.
Therefore, this year, consider making it a resolution to obtain a Will – any Will is better than none, but it’s preferable to have one prepared by a lawyer. Legal professionals are available at various price points, ensuring you can find one that suits your needs.