Creating a Will in Ontario: A Step by Step Guide
Writing a will is an important step in ensuring that your assets and personal wishes are respected after you’re gone. No matter what age, income, or marital status you are, having a will is vital in protecting your assets and your loved ones’ best interests. In Ontario, the laws governing wills are fairly simple and straightforward.
The first step in the process of creating a will is to choose an executor, the person who will be responsible for carrying out the directions and wishes in the will. This person should be someone you trust, who is organized and responsible and can handle complex tasks. It is also a good idea to choose an alternate executor, just in case your first choice can’t or doesn’t want to act as executor.
Next, you will need to choose a will-maker, someone to help you prepare your will. This person can be a lawyer, another legal professional such as a notary, or someone who has been authorized by the court to draft wills. This person will help you to make sure that your will meets the necessary legal requirements and is properly executed.
Once you have chosen a will-maker, you can begin to draft your will. You should include your name, marital status, and address, and any details regarding your assets, including bank accounts and other investments. You should also list any possessions that you want to bequeath to specific individuals, such as jewelry, artwork, or other items of value. Lastly, you should include instructions for what should be done with the remaining assets after your death.
Once you have finished drafting your will, the will must be signed by two witnesses who are not related to you and cannot be beneficiaries in the will. These witnesses must attest to the validity of the will and verify that it was signed by you. The will also needs to be notarized by a lawyer or other legal professional.
The last step is to store your will in a safe place. Once your will has been completed and notarized, you should store it in a secure location such as a safety deposit box or with your lawyer.
Creating a will is an important step in making sure that your assets and wishes are respected after you’re gone. In Ontario, the laws governing wills are fairly straightforward and the process is relatively straightforward. By following the steps outlined above, you can ensure that your loved ones will be taken care of according to your wishes.