A Will is defined as a type of a legal document that people create to deal with their property and the custody of minor children after their death. It should be emphasized that your Will can not take any effects until your death. Fewer than 50% of people in Canada prepare their Will before their death. Keep in mind that for every adult who has children or owns property having a Will is crucial.
It should be noted that the Will is an essential document for all people. It can perform some crucial functions. Preparing a professional will cannot be so complicated and expensive. For following your wishes in your Will with no unnecessary expense or complication, you should consult paralegal firms. Here are some important functions of a will:
- You can name a person who will carry out the instructions you left in the Will. ( a personal representative)You can name a person who can wrap up all of your affairs.
- If your children are under the age of 18, you can name a guardian who will look after your minor children and their property.
- You can state your instructions for how you want your property, and all of your possessions include bank accounts, land, investments to be divided.
- You will have the opportunity to minimize the tax burden when you are giving your property away.
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Some critical requirements for a valid Will:
- A valid is in writing format and also signed. It must be signed in front of two witnesses if it is not in the handwriting of the person who is making the Will. It should be noted that a videotaped Will cannot be valid, and it is necessary to be signed by witnesses.
- The person who is making the Will must be 18 or older.
- If the person who is making the Will is under18 years of age, s/he must be in one of these conditions:
- a member of the Canadian Armed Forces
- a sailor at sea
- married
It should be noted that the Will cannot be valid in the condition of contemplating marriage. A Will can be valid when the marriage takes place.
- The person who is making the Will must be mentally competent to make his/her Will. In other words, the person must understand the goal and effects of making his/her Will. If the person is elderly, this will be a crucial question to ask before making his/her Will.
Keep in mind that your property can be divided according to the laws of Ontario if you don’t prepare your Will before your death. Based on the family relationship, a set procedure can share your property. It is better for you to have a Will even if you want your property will be divided according to Ontario laws. It can reduce expenses and delays. If you are suffering from the complicated process of making a lawsuit in small claim court, consult a paralegal in Toronto as soon as possible to get legal advice.
