November 21, 2024
November is Make-A -Will Month. This is a promotion by the Ontario Bar Association, yet this month, television seems to be swamped with commercials for an online will service. The one that talks about “the hassle and cost of a lawyer”.
So why would you bother consulting a lawyer about your will?
Creating a will is an essential part of estate planning, ensuring that your assets are distributed according to your wishes after you pass. While online will-drafting services are marketed as a quick and inexpensive option, there are significant advantages to working with an experienced attorney. Here are ten reasons why hiring a lawyer to draft your will is often the better choice.
- Tailored Legal Advice to Your Unique Situation
Every individual has a unique set of circumstances that can affect their will, including family dynamics, assets, debts, and health considerations. A lawyer can provide tailored advice based on your specific situation, ensuring that the will reflects your intentions in a legally sound manner. Online programs, in contrast, typically rely on general templates that leave it up to you to guess how to account for your personal complexities.
- Ensuring Legal Validity
Ontario has specific legal requirements for a will to be valid. These include rules about witness requirements, signing procedures, and how the will must be executed. A lawyer will ensure that your will complies with Ontario law, reducing the risk of your will being challenged or deemed invalid. Online services may not always guide you through these legal nuances effectively, leaving your will vulnerable to future disputes.
- Expertise in Complex Legal Language
A lawyer is trained to use precise legal language that avoids ambiguity and potential confusion. Even small mistakes in wording can lead to unintended consequences, such as misinterpretation or legal challenges. While online services may simplify language, they can sometimes do so at the expense of legal clarity, leaving your estate exposed to disputes.
- Customized Solutions for Blended Families
If you have a blended family—children from previous marriages, stepchildren, or complicated family dynamics—a lawyer can help ensure that your will reflects your wishes clearly. Online templates may not help you address these complexities or account for specific provisions, such as the division of assets between biological and stepchildren or setting up trusts for children with special needs.
- Guidance on Estate Tax Considerations
Estate planning often involves strategies to minimize taxes and maximize the value passed on to your heirs. A lawyer can advise you on tax-efficient strategies, such as setting up trusts, creating charitable donations, gifting assets during your lifetime, or avoiding probate. While online services can offer basic guidance, they cannot replace the expertise of a lawyer in managing the tax implications of your estate.
- Assistance with Special Needs Planning
If you have a beneficiary with special needs, it is crucial to ensure that their inheritance does not jeopardize eligibility for government benefits such as ODSP. A lawyer can help establish a Henson trust or other legal structures to protect your loved one’s financial security. Online programs are not equipped to navigate these complex legal requirements.
- Avoiding Common Pitfalls and Mistakes
Online will-drafting programs may provide templates that do not sufficiently protect you from common errors that can create significant legal issues. These include failing to properly identify heirs, not naming an alternate executor, or not preparing powers of attorney to protect you and your money while you are alive. A lawyer can identify and address these pitfalls, ensuring that your will is comprehensive and legally sound.
- Creating a Power of Attorney for Property and a Power of Attorney for Personal Care
While a will addresses the distribution of assets after death, a comprehensive estate plan almost always includes powers of attorney. These documents grant someone authority to make financial and medical decisions on your behalf if you become incapacitated. A lawyer can help draft these critical documents, ensuring that your wishes are honored in case of illness or injury. Online services usually focus only on the will and do not offer full estate planning.
- Peace of Mind and Reducing the Risk of Conflict
Perhaps the most compelling reason to hire a lawyer to draft your will is the peace of mind it provides. A lawyer can walk you through the entire process, ensuring that all aspects of your estate plan are legally sound and aligned with your wishes. This reduces the likelihood of family conflicts and ensures that your loved ones are not left trying to interpret ambiguous or incomplete documents. The confidence that comes from knowing your will is legally valid and reflective of your true intentions can save your family from potential emotional and financial turmoil down the line.
- The Cost of a Lawyer is a Good Investment
You can have a will for you and your spouse along with two powers of attorney each for less than the cost of your car insurance. Investing in a lawyer prepared will to protect your wishes is worth that expense.
Conclusion
While online will-drafting services may seem like a convenient and cost-effective solution, they often fall short when it comes to addressing the unique complexities of your estate and ensuring that your wishes are properly documented. A lawyer can provide valuable expertise, advice, and peace of mind that an online program simply cannot offer. When it comes to planning for the future, it’s worth investing in professional legal assistance to ensure that your will is comprehensive, valid, and fully reflective of your intentions.
By working with a lawyer to draft your will, you safeguard your legacy and protect your loved ones from unnecessary complications in the future.
Want to know more? Give us a call and speak to one of our lawyers. We may be the right lawyers for you.