Why You Should Consider A Will In The New Year
The beginning of a new year is always cause for internal reflection on what the past year brought us and what the new year will look like. This pondering usually causes most people to look into estate planning and drafting wills.
Drafting a will to ensure that your loved ones are taken care of in the untimely event of your passing is a smart decision but not everything is so cut and dry. Hence the team at Dabros Law would like you to know the pros and cons of creating a will in this new year.
Pro: Your Property Goes To The People You Choose
Your last will and testament allows you to divide your belongings among the people in your life you want to have them. Your family members and friends can have property to help them remember you or aid their quality of life. If there are organizations and charitable foundations that you support, you can allocate some of your property to them after you have passed.
Without proper estate planning, your property enters a state of limbo ruled by laws of intestacy. This could make it so your loved ones receive very little of your property, if not nothing.
Con: Your Will Can Be Challenged
If someone in your life has been left out of your will or if they have received much less than they expected, they can make a challenge to contest your will. This draws out the process and makes your passing even more arduous.
Thankfully a well-drawn will can withstand any challenges. As such, you should engage the services of an estate lawyer to follow all the proper guidelines and ensure that your will is secure.
Pro: You Can Choose Who Handles Your Estate
Your will allows you to specify an executor, a person who makes sure that the bequests of your estate planning are carried out exactly the way you want. The executor should be someone you trust and who is willing to undertake all the necessary steps to close your estate.
Without a will, a court can appoint a stranger with no connection to your family and friends to administer your estate. This person can then take actions that are contrary to your wishes and leave your loved ones with very little of your estate.
Con: Your Will May Require Probate
If your estate planning includes some assets whose worth exceeds a certain amount, your will has to go through probate. The process is a lengthy and costly one that can drain the resources of your estate.
This becomes even more complicated if your estate includes assets that are located in separate provinces or countries. The legislation that governs probate in those other locations could be minimal or even more stringent than expected.
Dabros Law Firm – Comprehensive Will And Estate Planning
Estate planning in Ottawa can be a complicated process, with some merits and demerits to the situation. However, preparing a last will and testament does ensure that your property is assigned to the people and/or organizations you want to have it. There may be some conflict and bureaucracy to get through but the plan you left behind can withstand all that.
The key to getting through all the obstacles to your will is to hire a great estate lawyer to ensure that your will is comprehensive and complete. Please contact us if you need any help with estate planning. Dabros Law boasts the best will and estate planning services in Ottawa. Our team has successfully aided clients in drafting wills properly and assisted executors in the process of administering the will. With our help, your passing can be less painful for those who remember you.