Posted on: 27-12-06 10:01:12
I am not sure if this is the proper place to post this.
Does anyone know about creating a legal Will here in Canada? How to go about? Does buying commercial software available for the purpose help, and is this legally sound? Even after creating one through these software’s, does one need to visit a lawyer?
What I gathered from web:
SOME REASONS WHY YOU NEED A WILL:
• Every adult must have a Will or the government can step in and appoint a stranger as executor to adminster your estate and they will charge you for doing this.
• To designate a Guardian for your minor children
• To provide for the orderly distribution of your property to your spouse, children, designated heirs and special gifts (to charities for example) upon your death.
• To designate the Trustee or Executor who will administer your estate and affairs upon your death.
• Wills are not just for the wealthy, the established older couple or home and business owners.
• You probably have much more than you think you do.
• Making a Will is prudent and simply good planning.
• Your will ensures that your loved ones, your children and spouse, are provided for as you wish.
• Your will creates security for your family.
• Only a Will ensures that your assets and your estate, will be passed on as you intended to those you intended. By making your own Will now, you make all these important decisions now, before it is too late.
• Writing your own Will now enables you to nominate your own executor to administer your estate and distribute your assets according to your exact wishes.
Quote:
Originally posted by Ranin
I am not sure if this is the proper place to post this.
Does anyone know about creating a legal Will here in Canada? How to go about? Does buying commercial software available for the purpose help, and is this legally sound? Even after creating one through these software’s, does one need to visit a lawyer?
What I gathered from web:
SOME REASONS WHY YOU NEED A WILL:
• Every adult must have a Will or the government can step in and appoint a stranger as executor to adminster your estate and they will charge you for doing this.
• To designate a Guardian for your minor children
• To provide for the orderly distribution of your property to your spouse, children, designated heirs and special gifts (to charities for example) upon your death.
• To designate the Trustee or Executor who will administer your estate and affairs upon your death.
• Wills are not just for the wealthy, the established older couple or home and business owners.
• You probably have much more than you think you do.
• Making a Will is prudent and simply good planning.
• Your will ensures that your loved ones, your children and spouse, are provided for as you wish.
• Your will creates security for your family.
• Only a Will ensures that your assets and your estate, will be passed on as you intended to those you intended. By making your own Will now, you make all these important decisions now, before it is too late.
• Writing your own Will now enables you to nominate your own executor to administer your estate and distribute your assets according to your exact wishes.
Reasons for making a will as stated above are all valid. Of special concern should be custody of kids and appointment of administrators by Govt who charge very high hourly rate and deplete more than 50% of your net wealth.
I believe that will made on the same lines as in India is equall good but I envisage problem that the authorities here may raise dispute about meaning of certain words and fleece you. In any case a simple will atleast should be made so that peoperty pass on to one's legal heir. It is possible to do some tax planning also but for that one has to have wealth! (I do not have and hence no worry)
Thanks Nightmare,
Not that I have a lot of wealth. The point is, whatever I have should reach to my depended minor without loss and hassle.
Quote:
Originally posted by Nightmare
Reasons for making a will as stated above are all valid. Of special concern should be custody of kids and appointment of administrators by Govt who charge very high hourly rate and deplete more than 50% of your net wealth.
I believe that will made on the same lines as in India is equall good but I envisage problem that the authorities here may raise dispute about meaning of certain words and fleece you. In any case a simple will atleast should be made so that peoperty pass on to one's legal heir. It is possible to do some tax planning also but for that one has to have wealth! (I do not have and hence no worry)
