The Importance of Having a Will

October 28, 2015 | Published by

Why do I need a Will?

Different people have different motivations for deciding to have a will made. For some it is to make sure their kids are looked after by the right person/people, for others it is to ensure that their possessions are properly and thoughtfully distributed. Whatever your reason, if you do not have a will, you could be placing a great burden on those you leave behind.

How much does a Will cost?

This can really depend on the complexity of your will. However, if all you require is a simple will, you can expect to pay in the neighbourhood of $500 plus tax here in British Columbia.

If you are under 60 and have a relatively small estate, a simple will can accomplish most if not all of your testamentary wishes.

What sorts of things should I include in my will?

You should carefully consider the things and/or people that matter most to you, and how you want them to be taken care of when you pass away.

  • Who will look after my kids?
  • Who will be the executor or executors of my will?
  • Should I also consider having a Power of Attorney, and who should that be?
  • How and to whom should I distribute my property and all of my possessions?

The above are just suggestions, as there might be many more things that are unique to you that require consideration. It is also important to let other people know what your intentions are. This is particularly important when considering who will take care of your kids. Whoever your first choice is might not actually be interested, so it is important to have that discussion with them.

What about my bank and other financial accounts?

At Vancouver Downtown Notary, we strongly suggest making a list of all your accounts and assets to ensure that your executor misses nothing. This includes but is not limited to listing credit cards, bank accounts, investment accounts, and safety deposit boxes. Make sure your loved ones know where this list is kept.

Can I make my own will?

There are many kits and guides that you can find online that assist you to make your own. However, there are many rules when it comes to will drafting that must be followed. If these rules are not strictly followed, your will could be contested in court or might not even be considered legal. If your will is deemed not to be legal, it could create a lot of problems for your heirs.

If you need assistance making a will, please call Vancouver Downtown Notary at 778-819-8553 or email us at [email protected]