Things To Consider Before Writing Your Own Will
With unlimited access to the internet and often tight budgets, more and more people are interested in finding do-it-yourself solutions. Legal issues are no exception, and one of the most common do-it-yourself legal topics is creating a will. You can accomplish many of the tasks associated with estate planning on your own, but you should ask yourself if it’s wise to proceed without legal advice.
Each individual has different needs and different assets to deliberate, and drafting a DIY will has its drawbacks—regardless of the size or scope of your estate. You should understand that working with an attorney is a proven way to protect your estate, your heirs and yourself.
With that said, we’ve outline the four most common disadvantages of writing your own will.
Poor understanding of laws
It is often difficult for the average person to comprehend the laws that govern a last will. A lawyer based in Alberta knows these laws inside and out, and stays up-to-date on any changes.
Inheritance and tax issues
Unexpected tax issues can significantly affect your estate after you pass away. A lawyer can help you plan ahead to elude tax problems.
If you make any mistakes when writing your will, it is likely you will not even know they exist. An attorney can help you avoid mistakes, resulting in a strong legal document.
An uneven perspective
Many people become weighed down on the financial side of a will and lose sight of the human side of the situation. Looking at a will through a purely financial lens could mean your heirs aren’t taken care of as well as you’d like them to be.
When you need a lawyer
There is no requirement under law to use a lawyer to make a will. However, getting legal advice is indispensable when:
- Your estate and the way you want to pass it on are not straightforward.
- You have remarried and have children from a previous marriage.
- You have property or investments based outside the country.
- There is a business involved.
- You are supporting someone with disabilities.
- You are concerned about the possible impact of care fees.
It is a known fact that you get what you pay for. You may find it cheaper to use an online service to create your will, but can a website provide a holistic understanding of the law that is essential when advising on legal matters? A proper understanding of the law is essential in the preparation of wills to ensure your last wishes are abided by.
Looking for sound legal advice for your organization, business or corporation? Contact KGPC LLP today.