Last Will and Testament Template in Canada
Are you looking for a last will and testament template? Writing a will is not an exciting task. But it can be one of the most important things you can do for your loved ones.
You can decide who will get your property. If you do it right, it can save your heirs time and money. Writing a will avoids hassles that go hand and hand with death.
Check these tips to help you write a will in Ontario. Please note that ClearWay Lite provides the legal templates, not ClearWay Law. If you want to hire a law firm, you can learn more.
If you want a lawyer to prepare the will for you, please call our law firm toll free at 1-844-466-6529
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Understand the purpose of the will
Do you want to make final decisions on your property after your death? Your Last Will and Testament can do that for you. As soon as you pass away, it serves as a guide to your executor. If you want your property to end up in the right hands, write a will.
A will is a legal document that takes effect after the person who wrote it passes away.
A Last Will and Testament Has Two Functions
It appoints people as heirs, executors, and other important positions. A will not only distributes your property, it also helps you make sure that your spouse or partner receives what you wanted to leave them.
The last will and testament describe how you wish to distribute your assets. It normally includes everything you own, for example:
- Cash, including bank deposits
- Real property, such as a house, rental apartments, and land
- Money market funds, patents, and copyrights you own
Here are other things a last will and testament can help you with:
- Distribute your property
- Assign your executor
- If you have kids who are minors, name guardians for your children
- Forgive debts others owe you
- Make a list of your assets
By making a will, you are the one who gets to decide on your property. Make sure you have the capacity to write a will. Anyone aged 18 or over can write a will as long as they are of sound mind. Sign the will in front of two witnesses. They must not be beneficiaries. Anyone who can gain any benefit from the Will cannot be a witness.
Draft your will with certainty and clarity. Check all the documents before you write down the assets. It helps to list all your assets to provide complete clarity.
Your executor must know where the will is. Make sure that the copy of the deed to your house, bank statements and other documents related to your assets are intact and easy for the executor to find. Also make sure you appoint a reliable executor.
Appoint an executor who will do the following after you pass away:
- Arrange your funeral
- Make an inventory of all the assets you left
- Distribute your assets according to your instructions in the Will
Your beneficiary can be your executor. It can be a relative or a friend, as long as you can trust them. They should be good with paperwork and working with people. You can also choose a professional executor, like a law firm to take on this role.
Appoint guardians for your children
If your children are minors, it is advisable to include a guardian in the will. It makes sure that somebody will take care of your children if neither parent survives.
The judge will consider the person appointed as guardian in the will. They may award the guardianship to that person. Otherwise, the judge may appoint a guardian which may not be your first preference. If the guardian you appointed in your will is not fit or unable to act, the court might recognize someone else as your children’s guardian.
Write a Residue Clause
This is a clause that deals with all your assets that were not included in the will. It applies when you have overlooked a property, or you acquired it after writing the will.
After all your financial obligations are paid, there are still leftover assets. If you don’t have a residual clause, it might pass to your heirs.
Decide whether you will make a joint will
Couples can write a joint will or a mutual will. You can edit our last will and testament template to make a Will covering two people. When one of you dies, the surviving person gets everything stated in the joint will. It includes provisions on what to do with your property when both of you pass away. But the surviving person normally cannot change the joint will.
Consider the Do-it-yourself wills
You don’t need to be an attorney to create a Will. You can draft a Will anytime, and anywhere. You can update it anytime to fit into your circumstance. Some people update their will every year to include newly acquired assets. Others who got married, get divorced, had children or grandchildren, adjust the contents of the will.
Using a last will and testament template in Canada is the cheapest way to secure your assets after your death. This do it yourself template can help you create a well-drafted Last Will and Testament. Use this template today, sign it in the presence of two adult witnesses. It then becomes a legal document that can secure your heirs’ future. If you are not sure how to do it, our lawyers can help you by drafting one for you.
In conclusion, a will is a legal document that specifies where and to whom you wish to give your property after you pass away. It allows you to take care of your debts, your loved ones, and any charities through your estate. Your executor will distribute your estate or the possessions and property you own based on your will. You should assign at least one executor. It can be a beneficiary, a relative, a friend or a lawyer.
If you want to learn more about Canadian law, view our law firm’s videos.