Crucial Things To Know When Writing Your Trusts And Wills
The topic of will writing is never friendly to the majority; this has resulted in a considerable number of people not having their will even at old age. If you are one of them, the answer is certainly yes; you should have a well-drafted will. If you think of it in the event of death, which is never anticipated by anyone, your beneficiaries will find it legally hard to claim your assets; they will have no author to deal with them too. A written will is not just for the estates, and other huge possessions, even the small personal belongings such as your bank account requires an application to a court for the appointment of the trustee before they are legally transferred.
With this in mind, there are various reasons why you need a lawyer when making a will. the attorney is very conversant various techniques used to come up with a legally binding will as well the legal approach which is used in estate planning. You need an attorney with the right expertise to guide you on critical issues such as how to avoid probate fees, how to postpone asset distribution to the children beyond 18 years or even 21 and how to establish trust funds for your children among many others. Any attempt to do it by yourself can be full of uncertainties; it may have mistakes which may deem the will invalid. There are some drafts which require cautious wording of clauses; like the one which postpones the asset distribution at 2 years and above. If this is not perfectly worded, it can lead to the assets being distribut5ed at 18 regardless of the stipulations of the will. Other factors which you may take into a considerations are the provisions of the insurance and those of RRSPs. Is is possible for one to come up with a good will by using the will kit? This may look like a shortcut to coming with a good will, but it is technically hard for it to cover all your intentions sufficiently. Remember, situations differ from one person to another and therefore, you need a qualified draftsman to fully and professionally draft your intention; the attorney has the right skills to get sufficient information to draft a will which suits your situation. Very many clients are surprised after consulting an attorney because there are not aware of various options which are open to them neither are they able to ask themselves the right questions.
The attorney is also very well versed in the new estate rules. For example, there are cases which don’t need probate like where the beneficiary is named directly. Conclusively , it is evident with good guidance from the attorney, you will have very good planning on how you will draft your will.