By writing a will, you may decide how you want your belongings and cash to be distributed after your death. Wills usually consist of the following:

• Specifies the beneficiaries’ share of your assets and belongings.
• Identifies the person in charge of overseeing and settling your estate.
• Assigns guardianship to any minor children.
• Designates specific gifts or objects for named people or organizations.
• Specifies how to pay off any unpaid bills and expenses associated with the estate.
• If relevant, create any trusts and specify their terms.
• Manages the distribution of all remaining assets that a will does not directly specify.

When does a WIll take Effect?

A will becomes operative upon the testator’s passing if it is properly signed and enforceable under law. This implies that, in compliance with any applicable regulations, the will needs to be signed and witnessed. Up until that point, the will just serves as a planning tool and has no bearing on how assets are divided or handled in other estate-related matters. To make sure your wishes are carried out appropriately when the time comes, it is essential to make sure the will is up to date and appropriately reflects your intentions.

What DON’T Wills do

Wills are necessary for estate planning, but they do not cover everything. The division of property held equally with entitlements to survivorship, which inherently belong to the surviving owner, is not governed by wills. Assets held in trusts that are handled by the conditions of the trust agreement are likewise not covered by them.

What Does a Will Need to be Valid

A will must comply with certain legal conditions to be deemed legally legitimate. Generally, it must be in writing and signed by the testator, who must be competent to sign at the time and of legal age. Furthermore, the will needs to be confirmed by a minimum of two impartial parties who are not the will’s beneficiaries. These witnesses, who attest that the will was carried out willingly and without coercion, must sign the paperwork in front of the testator.

Witnesses

• Offers qualified counsel on choosing unbiased, non-beneficial witnesses.
• Verifies that all witnessing protocols adhere to all applicable laws and regulations.
• Oversees the signing procedure to guarantee accurate execution and documentation.
• Ensures that the will is legally binding and precisely signifies your wishes.
• Provides all-inclusive assistance with testifying and estate planning.

Our Wills and Estates Lawyers Toronto have experience in dealing with all types of estate planning and administration, from simple wills to complex blended family situations and transfers of business interests.