Personal Finance

Does a married couple need seperate wills?

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  • Oct 11th, 2012 9:51 pm
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Banned
May 5, 2003
4879 posts
36 upvotes
Toronto, Ontario

Does a married couple need seperate wills?

I purchased this deal from kijiji the other day and was wondering if I need to get a second one. Do spouses each have to a separate will? We both have the same intentions, so just wondering if we need one or two...
25 replies
Deal Expert
User avatar
Aug 18, 2005
21223 posts
5939 upvotes
Burlington-Hamilton
Shaf wrote: I purchased this deal from kijiji the other day and was wondering if I need to get a second one. Do spouses each have to a separate will? We both have the same intentions, so just wondering if we need one or two...

Um, I don't entirely understand this question.

Each PERSON needs a will. Therefore you and your spouse both need wills. Your question makes it sound like you need one will per married couple or something.
- casual gastronomist -
Banned
May 5, 2003
4879 posts
36 upvotes
Toronto, Ontario
Jucius Maximus wrote: Um, I don't entirely understand this question.

Each PERSON needs a will. Therefore you and your spouse both need wills. Your question makes it sound like you need one will per married couple or something.

I thought we needed one per couple... LOL

Thanks for clarifying.
Deal Addict
Mar 27, 2011
1210 posts
89 upvotes
Nowhere
Each person needs a separate will and power of attorneys for personal care and property. That way (generally speaking) you can give each other your stuff if one of you dies.
Deal Addict
User avatar
Feb 1, 2005
2204 posts
227 upvotes
Not judging on the quality of the buy, but you can just buy the one for yourself and then re-type your will but print your spouse's name in the space where your name is and vice versa. This will only work if you and your spouse want exactly the same will.

You don't need to buy two of the kits, but it will probably be simpler to do (no re-typing and switching names).
Banned
May 5, 2003
4879 posts
36 upvotes
Toronto, Ontario
ShopperfiendTO wrote: Not judging on the quality of the buy, but you can just buy the one for yourself and then re-type your will but print your spouse's name in the space where your name is and vice versa. This will only work if you and your spouse want exactly the same will.

You don't need to buy two of the kits, but it will probably be simpler to do (no re-typing and switching names).

GREAT IDEA!! I only bought one at $24, so doing what you suggeted is perfect for us. We want exactly the same will for each other so this will save us some $. Thanks for the tip!
Sr. Member
Jul 18, 2009
679 posts
103 upvotes
I just love the terms and condition on that site!

"Formal Will Inc. is not a law firm and its employees are not lawyers. FormalWill is not a substitute for the services of a lawyer, and does not dispense or provide any legal advice or recommendations whatsoever to customers about information pertaining to legal advice. We offer a service that allows you to simply answer a range of questions and complete your own Will. We do not review your answers at all or for any purpose including consistency, punctuation, grammar and spelling. We recommend that you seek the advice of a lawyer if you have questions relating to making your Will, you require legal advice, or if you have a complex situation.

FormalWill strives to keep its legal documents accurate, current and up-to-date. However, because the law changes rapidly, FormalWill cannot guarantee that all of the information on the Site is completely current. The law is different from jurisdiction to jurisdiction, and may be subject to interpretation by different courts. The law is a personal matter, and no general information or legal tool like the kind FormalWill provides can fit every circumstance. Furthermore, the information contained on the Site is not legal advice and is not guaranteed to be correct, complete or up-to-date. Therefore, if you need legal advice for your specific problem, or if your specific problem is too complex to be addressed by our tools, you should consult a licensed lawyer in your area."

Caveat Emptor....
Deal Fanatic
Jul 1, 2007
8569 posts
1763 upvotes
starchyk wrote: I just love the terms and condition on that site!

"Formal Will Inc. is not a law firm and its employees are not lawyers. FormalWill is not a substitute for the services of a lawyer, and does not dispense or provide any legal advice or recommendations whatsoever to customers about information pertaining to legal advice. We offer a service that allows you to simply answer a range of questions and complete your own Will. We do not review your answers at all or for any purpose including consistency, punctuation, grammar and spelling. We recommend that you seek the advice of a lawyer if you have questions relating to making your Will, you require legal advice, or if you have a complex situation.

FormalWill strives to keep its legal documents accurate, current and up-to-date. However, because the law changes rapidly, FormalWill cannot guarantee that all of the information on the Site is completely current. The law is different from jurisdiction to jurisdiction, and may be subject to interpretation by different courts. The law is a personal matter, and no general information or legal tool like the kind FormalWill provides can fit every circumstance. Furthermore, the information contained on the Site is not legal advice and is not guaranteed to be correct, complete or up-to-date. Therefore, if you need legal advice for your specific problem, or if your specific problem is too complex to be addressed by our tools, you should consult a licensed lawyer in your area."

Caveat Emptor....

But it's "Formal", right?
Money Smarts Blog wrote: I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Member
User avatar
Nov 26, 2005
218 posts
141 upvotes
quick question, does the will become official only when the commissioner of oaths certified or signed it. If that's the case, when do I find the commissioner of oaths?

Thanks
Sr. Member
Jul 18, 2009
679 posts
103 upvotes
Yeah, will kits are a super value. Save a couple hundred today, pay your estate lawyer a couple thousand extra later. ;) Really, I don't know why I try to talk people out of willkits, they are great for my bottom-line.

Except that it pisses me off that companies can sell false peace of mind.

Tennis fan: any lawyer is a commissioner of oaths. In Ontario, a commissioner of oaths does not need to sign the will, but one of the two witnesses needs to sign an afidavit regarding the execution of the will before the will can be probated. Best practice is to prepare the affidavit at the same time as the will - otherwise witnesses tend to forget, move away, and/or die. The rules for executiion of a will may vary in other provinces.
Deal Addict
Mar 27, 2011
1210 posts
89 upvotes
Nowhere
^Because people are silly and are willing to save money now for other miscellaneous expenditures without truly understanding the value of a good lawyer to draft a will for each spouse, POA for personal care and POA for property.
Member
User avatar
Nov 26, 2005
218 posts
141 upvotes
starchyk wrote: Yeah, will kits are a super value. Save a couple hundred today, pay your estate lawyer a couple thousand extra later. ;) Really, I don't know why I try to talk people out of willkits, they are great for my bottom-line.

Except that it pisses me off that companies can sell false peace of mind.

Tennis fan: any lawyer is a commissioner of oaths. In Ontario, a commissioner of oaths does not need to sign the will, but one of the two witnesses needs to sign an afidavit regarding the execution of the will before the will can be probated. Best practice is to prepare the affidavit at the same time as the will - otherwise witnesses tend to forget, move away, and/or die. The rules for executiion of a will may vary in other provinces.
Thank you for the reply! It helps !!
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Apr 16, 2006
6241 posts
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canehdianman wrote: ROFL @ $24 wills.
+1

It's sad that companies like this are permitted to operate. They do far more harm than good for the average joe.
Deal Fanatic
Jul 1, 2007
8569 posts
1763 upvotes
canehdianman wrote: ROFL @ $24 wills.
+1
starchyk wrote: Yeah, will kits are a super value. Save a couple hundred today, pay your estate lawyer a couple thousand extra later. ;) Really, I don't know why I try to talk people out of willkits, they are great for my bottom-line.

Except that it pisses me off that companies can sell false peace of mind.

Tennis fan: any lawyer is a commissioner of oaths. In Ontario, a commissioner of oaths does not need to sign the will, but one of the two witnesses needs to sign an afidavit regarding the execution of the will before the will can be probated. Best practice is to prepare the affidavit at the same time as the will - otherwise witnesses tend to forget, move away, and/or die. The rules for executiion of a will may vary in other provinces.
+1

My parents were in that position. Multi-million dollar potential estate, living in a province with punitive probate fees, $24 will kits. Talked them out of that.
Money Smarts Blog wrote: I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Deal Addict
Jan 30, 2012
1836 posts
1399 upvotes
TORONTO
starchyk wrote: Yeah, will kits are a super value. Save a couple hundred today, pay your estate lawyer a couple thousand extra later. ;) Really, I don't know why I try to talk people out of willkits, they are great for my bottom-line.
For many people, their requirements are very simple. Their will consists of, "I leave everything to my spouse, and if my spouse is no longer living, I leave everything divided equally to my children." For this kind of situation, it may not be worth paying a lawyer to draft the will.
Deal Addict
Mar 27, 2011
1210 posts
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Nowhere
M8Rxmjsik wrote: For many people, their requirements are very simple. Their will consists of, "I leave everything to my spouse, and if my spouse is no longer living, I leave everything divided equally to my children." For this kind of situation, it may not be worth paying a lawyer to draft the will.

Whoa. Slow down a bit. Kids? If you have kids that is a sure fire reason to go to a lawyer. You have to allocate who will be the legal guardian if they are under 18, possibly set up a trust for the kid (I mean honestly are you going to give your kids all your estate when they are young? No most people set them up to receive certain proportions at certain times (off course depending on circumstances) in order to prevent the children from squandering money)

If it is say a single person with no kids and they are just wanting to say who they leave it to, fine maybe the willkit would be ok (but I still believe in a lawyer).
Newbie
Apr 27, 2011
51 posts
3 upvotes
WATERLOO, Canada
I know this may be derailing the thread a bit, but how much should one expect to pay for a proper will prepared by a lawyer?
My wife and I know that we should get one of those will-thingies since we have a young child.
Deal Fanatic
Jul 1, 2007
8569 posts
1763 upvotes
casualdealseeker wrote: I know this may be derailing the thread a bit, but how much should one expect to pay for a proper will prepared by a lawyer?
My wife and I know that we should get one of those will-thingies since we have a young child.
Get wills, general (enduring) powers of attorney, personal care directives (living wills). All three for a couple should come to around $700-$1000.
Money Smarts Blog wrote: I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Sr. Member
Jul 18, 2009
679 posts
103 upvotes
M8Rxmjsik wrote: For many people, their requirements are very simple. Their will consists of, "I leave everything to my spouse, and if my spouse is no longer living, I leave everything divided equally to my children." For this kind of situation, it may not be worth paying a lawyer to draft the will.
Kids usually means a trust - some will kits include language creating a trust to age 18 (but not all). A lawyer can do a staged trust, that gives the kids part of the inheritance at various ages ( i.e. 25% at 21, 25% at 25, the rest at 30) with power for the trustee to encroach on capital to pay for education. You don't get that from a will kit.
dibksbgon wrote: Whoa. Slow down a bit. Kids? If you have kids that is a sure fire reason to go to a lawyer. You have to allocate who will be the legal guardian if they are under 18, possibly set up a trust for the kid (I mean honestly are you going to give your kids all your estate when they are young? No most people set them up to receive certain proportions at certain times (off course depending on circumstances) in order to prevent the children from squandering money)

If it is say a single person with no kids and they are just wanting to say who they leave it to, fine maybe the willkit would be ok (but I still believe in a lawyer).
Even just saying who you leave it to, people mess this up all the time with will kits. For example, people list out their assets and forget to leave a residue clause, crearing a partial intestacy. that's a very common mistake that I've seen in will kits, and it increases my fees for the estate a lot since their are then additional people who need to be notified. It also makes the estate accounting more complicated. All of these things take extra time, and time costs money. It's a lot cheaper to do the will right in the first place, especially since wills are usually a flat rate.

Some of the most complex wills I have drafted have been for single people with no kids. With kids it's pretty simple - most people just divide it equally between their kids and be done with it, maybe the odd minor bequest, but fairly simple. I find that when people don't have kids they often have a large number of people and charities they want to divide the estate between.

A good lawyer should also help you identify ways to save money, such as having designated beneficiaries for your registered accounts, dual wills if you have private company shares, etc.

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