Crucial Things To Know When Writing Your Trusts And Wills
The topic of will writing is never friendly to the majority; this has resulted in a considerable number of people not having their will even at old age. If you are one of them, the answer is certainly yes; you should have a well-drafted will. What may not have dawned on such people is in case of death, which no one anticipates, your loved ones will have no authority to claim your assets. A written will is not just for the estates, and other huge possessions, even the small personal belongings such as your bank account requires an application to a court for the appointment of the trustee before they are legally transferred.
Factoring in this, there are reasons why you need services of a qualified attorney whenever you are drafting your will. One, the lawyer, has the right experience to draft the will as well as estate planning. You need an attorney with the right expertise to guide you on critical issues such as how to avoid probate fees, how to postpone asset distribution to the children beyond 18 years or even 21 and how to establish trust funds for your children among many others. Any attempt to do it by yourself can be full of uncertainties; it may have mistakes which may deem the will invalid. For instance, provisions that postpone estate distribution to children at 21 or even later requires carefully worded clauses. If this is not perfectly worded, it can lead to the assets being distribut5ed at 18 regardless of the stipulations of the will. You may also fail to take into account provisions of the insurance policy as well as RRSPs. Some may argue that they can use the will kits. It is true that one can use these will kit but it is technically difficult for the will kit to cover all your intentions. Taking into account that scenarios are different, you need to explain your intentions to the attorney so as to draft a legally binding will that captures every intention you have in mind . It is common for almost every client to be amazed at the end of conversation with the attorney; they get amazed of various options which are at their disposal most of which they never knew of before.
The attorney is also very well versed in the new estate rules. A very good example of this is not every case will need the probate; for instance if the beneficiary is directly named. In nutshell, the attorney helps you with proper planning.