There are many reasons people procrastinate creating a will. Some believe their estates are too simple to require an estate plan, and others may think they are too young to think about such things. However, one of the most frequent excuses for failing to write a will is not knowing how to start or what to include. While wills may arguably be the simplest element of an estate plan, they still have their unique challenges and complications.
In light of recent global health concerns, more people are thinking about their own mortality and the welfare of their loved ones. Because of this, they want answers and information about the most effective way to create a valid will to protect their assets and provide for their families. A will can be a valuable tool for meeting those goals because it can include any of the following:
- Who will handle the administration of the estate and ensure the wishes of the deceased are met
- Which assets will go to which heirs and who, if anyone, will be excluded from the inheritance
- What charitable causes or institutions will benefit from the estate
- Who will become the guardian of any minor children of the deceased
There are several options for making a will, including a completely handwritten document called a holographic will. More options are arising for do-it-yourself wills, but they are risky to use because they may not always be valid, may not meet the needs of everyone and may not comply with the laws of every province. Consulting with an estate planning attorney about your will is the safest way to ensure it’s done right and your wishes are carried out.