What Are The Things To Keep In Mind When Writing A Living Will?
Disclaimer: This blog is only intended for educational purposes and shouldn’t be used as a substitute for legal advice.
According to a CIBC survey, about half of Canadians don’t have a living will in place. Apart from the misconception that a will is to be written on one’s deathbed, rising prices to draft a will is the leading cause behind the decline.
A will is a statutory declaration that specifies how your assets should be split after passing away. What you possess and owe are both included in your portfolio. Having a living will assist your lawyers in managing your assets. Provincial governments enforce estate regulations.
You aren’t contractually bound to write a will. However, if you wish not to write one, then your assets will be split according to the statutes of your provincial capital or region.
When writing a will, it’s best to seek experienced professional counsel. This will assist you in ensuring that all of your paperwork is correctly drafted and notarized. However, it’s essential to know about the consideration when drafting a will.
Take a look at the important things to be aware of when drafting your living will:
What Is A Living Will?
A living will, also known as a health care proclamation, is a statement that classifies the type of medical treatment you want if you become debilitated. It’s used in conjunction with a healthcare power of attorney, in which you give a person the ability to make life choices on your behalf. A few regions in Canada have merged living will and the name of a power of attorney into a legal document which is known as an “advanced directive.” Nowadays, it’s necessary to have a written will to secure your assets.
Important Things To Consider When Drafting A Living Will
The following are essential things that most people forget when writing their will:
1. You Can Customize Your Will
Consider your desires. Don’t feel obligated to fit your desires into a template designed by others. When writing a living will, certain will and estate lawyers can assist you in addressing the key concerns and then documenting them.
2. When It Comes To Pain Medication, Be Explicit
Pain drugs are often classified as “synthetic treatments” and are thus withheld when documentation states that no synthetic treatments should be utilized. The majority of individuals wish to die as painlessly as possible. Specify that you want pain medicines used if they can alleviate your discomfort, even if those prescription painkillers may cause you to lose consciousness or reduce your lifespan unintentionally.
3. Always Consider Your Revenue Requirements
The majority of retirees distribute their pension funds without considering their income needs. Figure out how much you plan to spend on yourself before you consider handing gifts to your dear ones. Pension calculators can help you identify how much you need to save and how much money you’ll have once you resign.
Remember to consider the effects of recession and taxes and diversify your portfolio with higher-revenue commodities to cover living expenses.
4. Determine Your Will’s Successors
The next step is to determine the names of the successors who will inherit your assets. Most people give their wealth to their family members, including their partners and children. It’s your decision who you want to consider as your heir and how you want to divide your assets.
5. Selecting A Guardian for Your Children
If you have children, you must pick someone who will care for them when you’re not alive. Consider a substitute choice if the guardian you selected isn’t available to take care of your children when something happens to you. The state also recommends ensuring that whoever you choose as a guardian is ready for the task and financially stable to care for your children’s basic needs.
6. Appointing A Executor For Managing Your Estate
The executor is appointed to handle the administration of your property. The executor doesn’t need to be a successor of the inheritance. You can appoint a “business arbitrator” or a close friend or loved one. Remuneration will be required Most people often get confused between an executor and a power of attorney.
However, both serve unique purposes: an executor is someone you designate to manage your inheritance after you pass away, whereas a power of attorney manages your property while you are living but are incapable of doing it yourself.
Hire One Of The Most Reliable And Trustworthy Probate Lawyer In Ontario
Writing a will by yourself online and selecting the list of heirs can be very challenging. It’s, therefore, better to hire a probate lawyer who can help you in drafting your will. These lawyers are very experienced and know the right programs for you. They also know the process and can take care of your asset distribution.
If you want to draft a will, get in touch with Nanda and Associate Lawyers. The firm is known for its reputable lawyers who offer trusted and professional legal counsel to assist clients.
The company’s primary practice areas in Canada include immigration law, family law, business law, real estate law, wills and estates, civil litigation, and personal injury law.
We specialize in various legal areas, including immigration law, family law, business law, real estate law, wills and estates, civil litigation, and personal injury law. The company is known for its no-discrimination policies and for providing high-quality counsel to people of all backgrounds and ethnicities in Canada.
So look no further than Nanda and Associate Lawyers for wills and estates lawyers. We can assist you with the finest legal assistance available for civil lawsuits, divorce, personal injury, and estate matters.
Contact us right away to address your legal will issues.
About The Author
An experienced will and estate lawyer at Nanda and Associate Lawyers, the author has handled will and estate issues for many Canadians during his career. He has assisted many persons with their will concerns and has offered the necessary assistance to simplify the procedure.
0