COVID-19 has created many uncertainties in our world, but one thing you can be sure of is that you should have an estate plan.
While many of us are isolated at home and rely on web-based services for ordering clothing and groceries, using an online service to complete your estate plane comes with significant risks.
The following are our top reasons why you should consult a lawyer to draft your Will:
1. There’s No “one size fits all” Will
Everyone’s life is different which means that your estate plan will be unique as well. For instance, an individual who owns an incorporated business can consider the use of dual wills to minimize the amount of Estate Administration Tax payable. No matter what your life looks like, George Street Law Group will tailor your estate plan to your specific situation and wishes.
2. You may need more Legal Documents Drafted
When you sit down to discuss your estate plan with us, we can also advise whether you should consider additional legal documents to compliment and enhance your estate plan. Other legal documents could include a domestic contract or trust agreement.
3. Ontario Law has Strict Requirements for a Will to be Valid
Specific requirements must be met in order for your Will to be valid. Seeking the assistance of a lawyer to ensure that your Will is properly executed is crucial.
If your Will does not meet the legal formal validity requirements, your Will will have no legal effect and you will be considered to have died intestate (i.e., not having made a Will before one dies). Click here to learn about how your estate would be distributed if you die without a Will.
4. There’s no Substitute for your Lawyer’s Experience and Knowledge
Even though creating a Will online seems quick and easy, it may result in significant issues down the road causing the document to be invalid or having unintended effects.
Lawyers are trained to assess your particular circumstance and to determine how it can be managed and planned for. Lawyers can also offer insight and legal information about other areas of law that may impact your estate planning including family law and corporate law
5. A Lawyer is a Trusted Advisor
Your lawyer can help guide and advise you through life’s changes. There’s a certain comfort in knowing that you can pick up the phone and talk to a someone who is familiar with your specific situation especially during difficult times.
Since many people find it difficult to think about death, we can help you organize your personal information and support you in making decisions about your incapacity and estate planning.
While our physical office is temporarily closed, George Street Law Group continues to accept new clients and has developed social-distancing procedures to safe-guard your health and well-being.
Click here to contact Alyson Sweetlove to arrange your telephone or virtual consultation. We look forward to hearing from you and helping you through this challenging time.