Understanding How to Prepare Your Own Will

Creating a will is an important step in managing your estate and ensuring your final wishes are carried out. While many people hire a lawyer for this task, some choose to prepare their own will. In this post, we will walk you through how to prepare your own will, highlighting the steps, challenges, and considerations involved in DIY will preparation.

How to Prepare Your Own Will: A Step-by-Step Guide

1. Inventory your assets

• List all your property, including real estate, vehicles, and personal belongings
• Include financial assets such as bank accounts, investments, and insurance policies

2. Decide on beneficiaries

• Determine who will inherit your assets
• Consider alternate beneficiaries in case your primary choices predecease you

3. Choose an executor

• Select a trustworthy person to manage your estate and carry out your will’s instructions
• Consider naming an alternate executor as a backup

4. Consider guardianship for minor children

• If applicable, name a guardian for your children under 18
• Discuss this decision with the chosen guardian beforehand

5. Understand legal requirements in your jurisdiction

• Research the specific laws in your area regarding will creation
• Ensure you meet all legal criteria for a valid will

6. Write the will

• Use clear, unambiguous language
• Be specific about asset distribution and executor duties

7. Sign and witness the will properly

• Follow your jurisdiction’s requirements for signatures and witnesses
• Typically, you’ll need to sign in the presence of at least two witnesses

Tools and Resources for DIY Wills

When embarking on will writing, several resources can assist you:

• Online will-writing software
• Will templates
• Legal reference books

These tools can provide a framework for creating your will, but remember that they may not account for all legal nuances or personal circumstances.

Challenges in Preparing Your Own Will

While DIY will preparation can seem straightforward, it comes with several potential pitfalls:

Legal complexities

• Varying provincial laws
• Proper legal language and terminology

Common mistakes

1. Unclear instructions
2. Overlooking important assets
3. Failure to update the will
4. Failure to obtain an Affidavit of Execution, and Notary

Risk of invalidation

If your will doesn’t meet legal requirements, it may be deemed invalid by the court.

Difficulty handling complex estates

Larger estates or those with complicated assets may be challenging to address without professional help.

Potential for family disputes

Unclear or poorly written wills can lead to conflicts among beneficiaries.

When to Consult a Professional

While learning how to prepare your own will is possible, certain situations may warrant professional legal advice. Consider consulting an estate planning attorney if you have:

• Complex family situations (e.g., blended families, estranged relatives)
• Large or complicated estates
• Business ownership interests
• Special needs beneficiaries

An experienced lawyer can navigate these complexities and ensure your will accurately reflects your wishes while complying with all legal requirements.

Pros and Cons of Preparing Your Own Will

Advantages

1. Cost savings: DIY wills are generally less expensive than hiring a lawyer
2. Convenience: You can create your will on your own schedule

Disadvantages

1. Legal risks: Without professional guidance, you may inadvertently create legal issues
2. Potential for errors: Mistakes in your will could lead to unintended consequences
3. Lack of professional guidance: An attorney can offer valuable insights and advice

Weighing Your Options

Learning how to prepare your own will can be an empowering process, allowing you to take control of your estate planning. However, it’s crucial to understand the challenges and potential risks involved. While DIY will preparation can save money and offer convenience, it also carries the risk of legal complications and errors that could affect the execution of your final wishes.

Before deciding to create your own will, carefully weigh the potential benefits against the risks. Consider the complexity of your estate and family situation. If you have any doubts or if your circumstances are complicated, it may be wise to seek professional legal advice to ensure your will is legally sound and truly reflects your intentions.

Remember, a will is a crucial document that will have lasting impacts on your loved ones. Whether you choose to prepare your own will or seek professional help, the most important thing is to have a valid, clearly written will in place to protect your assets and provide for your beneficiaries.

If you’re unsure about the process or would like professional assistance with your will and estate planning, Jeffrey Murray Law offers comprehensive Wills & Estates services to ensure your final wishes are properly documented and legally binding.