Answers to Common Ontario Will Questions PART 2

Why Professional Wills Don’t Cost Anything

Lawyer-prepared wills are investments that save money. Good wills cover a span of 5-10 years or more. Spread will your costs over this period for pennies a day of protection. That’s? Much less than your annual car insurance bill. Lawyers make wills for a living. They are regulated and insured against will mistakes.

Don’t gamble doing your own will. You are making poor investments for your family and money. Your family may only inherit your mess.

You may not have much money. That doesn’t mean you don’t need to have wills. Your estate assets can include real estate, household contents, investments, life insurance, accident and death benefits, pensions, stocks, personal effects, cars, art and jewelry.

Q: Are powers of attorney more important than wills?

A: Powers of attorney are legal documents you sign to appoint your agents called attorneys. Attorneys are only authorized to make decisions while persons are alive. These documents are not effective once persons die.

Powers of attorney are important estate planning tools. However, if you don’t sign them when you are capable, it may mean the government makes decisions for you. Powers of attorney are not wills that name executors. Nor do powers of attorney documents distribute your estate. Laws relating to powers of attorney vary in each jurisdiction. Beware online forms that may not be valid where you live.

Q: How Much Do Lawyer-Prepared Wills Cost?

A: Reminds me of the old joke: how many lawyers does it take to change a lightbulb? As many as you can afford. So, how much do lawyers charge to prepare wills?

Lawyers are available in all price ranges, shapes and sizes. That depends on your lawyer’s experience and your circumstances. Wills may cost from $500-$5,000 depending on your needs and lawyers’ experience.

Q: Can you and your partner jointly retain the same will lawyer?

A: This depends on how lawyers view their role. When you use the same lawyer, you must acknowledge that:

1. There is no conflict of interest and what happens if conflict arises between partners.
2. No confidentiality exists between you, your partner and your lawyer. You can’t ask your lawyer to keep secrets from your partner.
3. Your will is not a contract. Wills can be changed by your partner if you die first.

Your job is to find the right will lawyer. This can be easy or difficult, like finding kitchen contractors.

Insider Secrets

Professionally prepared wills don’t cost money, but they are investments that save money.

Want more information? Read my free guide, How to Avoid the Worst Financial Blunder You Can Make When Preparing Your Will.

Without a solid estate plan, your money can be wasted by paying unnecessary taxes, years of delay and legal costs. I can help you make your will. Contact me for a meeting.

I am a Certified Specialist in Estates and Trusts Law.