(NC) Although we may think about it from time to time, most of us don’t really think seriously about preparing a will. But having a will offers peace of mind that our intentions regarding the distribution of our estate are clear. Learn more about preparing one of the most important documents you will ever have.
Consulting a lawyer saves money
Drafting a will on your own can end up costing you more money in the long run. For instance, not knowing enough about tax laws or unintentionally misusing a legal phrase can leave your estate in legal limbo for a long time. Having a lawyer draw up your will is not as costly as you think. You can save on legal fees by preparing a full checklist of your assets and documents beforehand.
What will probably happen if I don’t have a will? Without a will, the court appoints someone to manage your estate. The Provincial law determines who inherits your assets. More of your money might be spent on administration and lost tax advantages and go to people you never intended.
What is an executor? An executor is someone you choose to pay any outstanding debts, file final income tax returns, and oversee the distribution of your assets to your beneficiaries.
Who can be an executor? You can choose a friend, relative, lawyer or trust company. The important thing is that you choose someone you trust to fulfill all the above functions in a responsible and timely manner.
Receive a free information package on wills and bequests by writing to Amnesty International, 312 Laurier Avenue East, Ottawa, Ontario K1N 1H9.
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