What happens if I don’t have a will?

by Albion Law Group on September 11, 2013

in Wills

Not having a will can trigger higher costs, avoidable delays and even potential squabbling among family members as to who gets which parts of the estate. If you have small children, it is essential that you have have an updated estate plan that chooses a guardian for them, as well as instructions on how and when you want your children to receive their inheritance.

By not having a will, you lose control over who gets how much of your estate and when. You also give up the right to appoint a guardian of your choice for any young children you have. And the costs to administer your estate will be drastically increased.

Our lawyers provide excellent value to prepare a simple will that makes sure your wishes are carried out. Contact us to discuss your circumstances.

What is an executor of a will?

by Albion Law Group on September 7, 2013

in Wills

When creating your will with a member of the ALG team, you will be asked to nominate an executor for your will. An executor is a person named in the will to carry out the instructions in the will. They must a person of sound mind who is over the age of 18.

An executor needs to undertake a number of tasks, even for relatively simple wills. These include:

  • File a number of legal forms
  • Sort out taxes
  • Collect money from any life insurance
  • Pay off any debts

If your will is more complex, it mightmake sense to pay a professional, such as a lawyer, to be the executor. If you can’t afford a lawyer, it’s best to ask someone close to you who would be willing to undertake these tasks.

You can also choose more than one person and have co-executors, and it’s worth thinking about who to name as a back-up executor in case your first choice can’t do the job.

Can I use a will kit instead of a lawyer?

by Albion Law Group on September 3, 2013

in Wills

Will Kits are printed or online wills forms typically sold at drug stores and office supply stores. They are cheap to buy and take less time to complete than a will from a lawyer. For some people with very simple financial circumstances, a Will Kit will be better than no will at all. If you have very straightforward wishes, very simple financial circumstances, and little in the way of assets you might be ok.

If your circumstances are a little more involved—if you have investments, property, family or specific intentions—we think it’s best to avoid Will Kits. If you need to go beyond very basic planning in your will, a kit will often fail to accommodate your intentions. Will Kits must meet the same strict rules as other wills. If you don’t meet all the relevant requirements, the will may be partially or completely invalid.

That’s why we recommend using a lawyer to prepare a will for you: it’s the safest route to ensure your intentions are accurately represented and executed.

Why do I need a will?

by Albion Law Group on September 1, 2013

in Wills

Wills let you explain how you want your assets distributed, and can include things like who you want to be guardian of your children. They also help to avoid family squabbles, and the costs associated with going to court to finalize your estate. The time you spend with a lawyer planning your estate could save your spouse, children and other beneficiaries much time, effort and money. You can use a will to:

  • Appoint a guardian for your children
  • Protect your business
  • Decide who receives your assets
  • Provide for a favourite charity
  • Make a difficult time less difficult

If you don’t have a will, the government will make one for you. If that makes you a little uncomfortable, read on to learn more about wills or contact us for a no-obligation consultation.