How to reduce the cost of making a will
Author:
News Canada
(NC)—Can
I write my own will? You can, but it's not advisable. Homemade wills are
generally valid if certain minimum requirements are met, at least in some
provinces. In the long run it is better to have a lawyer or notary prepare
your will.
The
peace of mind that comes from knowing everything has been correctly is well
worth the cost of such legal services. A simple will need not be at all expensive,
and certainly less costly than the confusion and heartache often created
when there is no will.
Can
I do anything to reduce legal fees?
Yes.
Lawyers charge for their time and knowledge, so the more time you save them,
the less the cost will be.
Step
1 – make a list of all your property including real estate, bonds,
savings accounts, RRSP's, jewelry, family heirlooms and works of art. Include
life insurance policies even those these pass outside of the will. It is
good to have all the information in one place.
Step 2 – list the people you want to provide for, along with
their addresses and their relationship to you. You may also wish to remember
your favourite health charity or make a bequest to a group such as Greenpeace
for example.
Step 3 - name your executor (ideally someone younger than yourself
and financially competent) and an alternate executor. Name a guardian for
your children if they're minors, as well as an alternate guardian.
For
a free copy of the booklet "Questions & Answers About Wills"
which has more helpful information about this topic, please write to: Greenpeace
Canada, 1726 Commercial Drive, Suite 200, Vancouver, B.C. V5N 4A3.
-
News Canada
