When Do You Need a Last Will and Testament Lawyer?
A person’s final wishes concerning their property are stated in a last will and testament. It provides comprehensive instructions on how to handle their possessions. If the deceased wishes to give them to someone else, a group, or a charity, it will specify such.
A final will and testament can also cover dependents, account administration, and financial interests.
Your property will be dispersed per the terms of your will and testament, including cash in the bank, real estate, and priceless items. Both who will receive the property and how much of it will be specified. It can provide for the guardianship of dependent survivors.
If you have a business or investments, a last will and testament lawyer can assist you to designate who receives them and when. A will and testament lawyer can also name a charity (or charities) as the beneficiary of assets under a will. If you want to leave assets to a company or nonprofit, a last will lawyer can ensure your desires are carried out.
How Much Does It Cost to Hire a Last Will and Testament Lawyer in Canada?
Most lawyers charge about $400 to $1,500 for a last will and testament.
What to Look For in a Last Will and Testament Lawyer
- The lawyer should focus on estate planning
- The lawyer should have years of experience
- The lawyer should be board-certified in estate planning
- The lawyer should come highly recommended
- The lawyer should be able to address your specific needs
How to Prepare for Your Consultation With a Last Will and Testament Lawyer
Determine Your Assets
Before speaking with a lawyer to create your last will, you should have a general idea of your assets. The titles of your assets are included in this notion of assets. You must be aware of the status of their joint titling. If they are jointly titled, you must know the other parties named on that license or deed. When estimating the total worth of your possessions, be reasonable.
Additionally, you need to be aware of any designations for end-of-life or transfer-on-death (T.O.D.) that may have been made. You must know whether you have made a beneficiary deed if you own real estate, such as unoccupied land or a house. Know the specifics of your assets before talking about your will.
Determine Your Debts (What You Owe)
Creditors (people or businesses that feel you owe them money) may make claims after your passing. They will have a set period of time under the law to make claims against your estate.
Your estate is the total amount of property you “own” at the time of your passing. You should think about what these debt claims might be if you want to prepare for your death in the best way possible. The goal is frequently to increase the wealth of those who come after you, i.e., your family and heirs.
Knowing who may file a lawsuit against you or your estate for unpaid debts is important. You’ll want to know if your wife, children, coworkers, or other people are responsible for that debt.
Different planning is necessary depending on whether the debt is asserted solely against you or other people are also held accountable.
You’ll need to know the whole amount of your anticipated debt claims. You should know whether or not they are claiming a lien against you. An amount awarded against you in a court decision could potentially be included in such liens. The lien would include a mortgage. The lien may be used to pay back past-due medical bills or overdue child support.
Choose Your Heirs
You should think about who you want to inherit part of your things from and who you want to benefit from your inheritance while preparing a last will. But if you didn’t make a will, you’ll also need to be aware of everyone who might have a claim. These people are your “heirs.” Your wife would be one of your heirs. Your biological, adoptive, and future children would be regarded as your heirs.
Your siblings should be considered prospective heirs. This is because the probate court will probably demand that these individuals be named, whether or not you have a will.
Where to Find the Best Last Will and Testament Lawyers in the Canada
You can find the best last will and testament lawyers in Canada on LegalMatch. You can also use the Canadian Bar Association to search for lawyers.
