If you have a safety deposit box at the bank this is a good place to keep valuables. Safety deposit boxes are fire proof and highly unlikely to be accessible by anyone who does not have the authority to do so. Ironically, this is part of the problem of storing a Will in a safety deposit box.

As such, having a will is extremely important so as to ensure that family and loved ones are provided for after the testator (i.e., the willmaker) passes on. However, in recent years many people have been relying on DIY will kits rather than going to an estate planning attorney when drafting a will. Below is a look at why DIY will kits are becoming more popular and why they are so risky. You can choose to write a will online or seek professional help to create one that complies with Canadian laws and regulations. Either way, remember that a well-written will offer peace of mind, knowing that your loved ones will be taken care of and your assets will be distributed in accordance with your wishes. If you don’t currently have a will, now is the time to ensure your legacy is preserved in the way you intended. It is one of the easiest and least daunting of all personal legal documents to write – although some people may find the process emotional.

According to the 2019 Canadian Financial Capability Survey, only 22 per cent of Canadians under age 35 have a will. Though 95 per cent of Canadians aged 65 and older have a will, more than half (53 per cent) haven’t updated it in five years, which means it may no longer reflect their wishes.

If these instructions arefollowed, then your Will is a legally binding document. Unfortunately, as Forbes points out, taking the attitude that a bad will is better than no will is dangerous. One of the most common problems concerns execution, which occurs when the will is signed and witnessed. Laws surrounding execution are strict and are designed to ensure the will actually reflects the testator’s wishes. Many states, for example, require the witnesses to be in the presence of the testator and of one another when the will is signed. Many DIY wills, however, fail to inform people who use them of what the rules are in their respective states.

The most important things to provide for in your will are who will be your executors, and who will be the beneficiaries of your assets. You should also consider how you would like your property to be distributed should your spouse or partner die at the same time as you. You should talk to this person beforehand to ensure they are willing to accept the role. Let them know where to find important documents, such as your will, your life insurance policy, policies, and passwords for online accounts.

Marriage and Wills

However, in this latter case,, the court must first approve the person. It is important for everyone to make a Will – even if you don’t have property, money or assets.

Use an In-Person Paid Service (Lawyer or Attorney)

This depends on a number of factors, such as how many liabilities and assets you have, where the beneficiaries are and whether anyone challenges your Will at probate. To do this, the executor must first publish an advertisement in a local newspaper. This advertisement has a set wording and explains that the executor is seeking probate. You can get the necessary forms using the links provided in the Legal123 Easy Australian Will Kit. As a general rule, you shouldn’t make more than two or three Codicils. If you need to make further changes, you should write a completely new Will.

A clause agreeing a fee for drawing up or executing the will is also void if the solicitor or a member of his firm (or their spouses) act as a witness. Capacity to make a will may be proved by a sworn statement from a doctor or solicitor who attended the deceased at the time the will was made. In the last resort, the Courts will decide whether a testator had testamentary capacity. Templates for DIY wills can be downloaded online or found in most stationery shops. If you’re not eligible for the scheme you’re interested in, you may want to consider some of your other options for getting a free or low-cost will. Provides care and support to people living with a terminal illness.

Can my spouse and I share a will?

However, new legislation now means that any references to your former spouse are automatically revoked. For example, any gift made to your former spouse is automatically revoked, and if you nominate your former spouse as Executor, that is revoked, too. So, if you divorce, you will need to amend or write a new one. In most Australian States, your Will is automatically revoked by marriage. If you made a Will before you got married, it will automatically be revoked when you marry unless it was made with a particular person/marriage contemplated and specifically referred to. So, if you marry, it is more than likely you may need to amend your Will.

Read more about will kits NSW here.