DIY Wills: The Costly Mistake You Might Be Making

Do-it-yourself and online wills are all the rage again. But do you know that they can lead to estate problems?

Most people do not know or understand property law, family, estate and tax laws to prepare wills that don’t create complications or legal concerns.

If what you have is one relative, an apartment and one bank account, a DIY will may be okay. But don’t take that as legal advice.

If, however, you own a home or condominium alone or with others, you need to consider investing in a professional, lawyer-prepared will to protect your loved ones from disputes. Consider your estate plan as an investment. Spare your loved ones from having to go to court.

With blended families, real estate, trusts, tax issues, and dependants relief obligations, it takes experience to figure out how to reduce or avoid estate traps. You need an experienced estate lawyer to do that.

Not All Lawyers Are the Same

People ask me, are not all lawyers qualified to make wills? That does not assume that lawyers never make will mistakes.

I recently saw a lawyer-prepared will where a jointly owned home was left to the surviving spouse by a will. After that, a will clause stated the surviving spouse was to give 10% of the estate to charity. However, the registered jointly-owned home passed to the surviving spouse and was not controlled by the will.
How could the surviving spouse make gifts if the home was already the surviving spouse’s home?

What was the will maker’s intention?

Lawyers may not have experience administering estates which are more complicated than making wills. Unless you see how estates are administered, you may not know what should be in a will to save taxes or give a valid option to purchase a vacation home.

If you have a business, you want a lawyer who can provide primary and secondary wills to reduce the provincial estate tax which can save time and keep your business matters private and out of court.

In Ontario, the estate administration tax (EAT) is roughly 1.5% or roughly $15,000 on one million in value. Bet your online will provider will not discuss having a separate, private will with you for your business.

If you have a marriage contract, find a lawyer who can read the contract. They need to understand how it affects your will. If you recently were hospitalized, you need to see a lawyer for a will.

Do you need help making your will? Speak to your lawyer today. Or contact me for a meeting to discuss your needs. I look forward to helping you.

As a Certified Specialist, estate law is all I do.