Law: Where to get a legal will written up

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Jun 10th, 2016 11:53 am

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Jun 6th, 2016 10:37 am

tido88 [OP]: Deal Addict; Mar 12, 2010; 1278 posts; 49 upvotes; Aurora

Jun 6th, 2016 10:37 am

Law: Where to get a legal will written up

Hey,

I'm in my early 30s and have several savings/TFSA/investment accounts which hold my money. I'd like to get a proper will written up, in case anything was to happen to me. I'm in north GTA, Aurora, any suggestions or lawyer recommendations where I could have a will written up? What would the cost be? What happens if one does not have a will, does the government simply take your money?

Cheers,

10 replies

Jun 6th, 2016 10:43 am

vkizzle: Deal Expert; Aug 22, 2011; 35620 posts; 21676 upvotes; Center of Universe

Jun 6th, 2016 10:43 am

tido88 wrote: ↑Hey,

I'm in my early 30s and have several savings/TFSA/investment accounts which hold my money. I'd like to get a proper will written up, in case anything was to happen to me. I'm in north GTA, Aurora, any suggestions or lawyer recommendations where I could have a will written up? What would the cost be? What happens if one does not have a will, does the government simply take your money?

Cheers,

It will go to your estate and from there, living members of your family will have to go through a process of claiming it back (which will likely not go smooth, as there is sure to be arguments on what to do and will drag through the courts).

Jun 6th, 2016 12:26 pm

eiad77: Deal Addict; Nov 15, 2010; 1889 posts; 478 upvotes

Jun 6th, 2016 12:26 pm

If you don't have a will, the government does not get your money (unless you have absolutely no family). There are clear rules about how the estate is divided: http://jonathanflawn.com/pdf/Dying%20Wi ... 20Will.pdf

Spouse only: Entire estate to spouse.**

Spouse and one child: First $200,000 to spouse.**Remainder:**one‐half to spouse; one‐half to child.

Spouse and children: First $200,000 to spouse.**Remainder: one‐third to spouse; two‐thirds to children
divided equally. If only grandchildren survive, they would share the estate equally (per capita).**

No spouse and children: All children share equally.**

No spouse or children: Entire estate to parents or the surviving parent.**If none survive, siblings share
equally.**Children of a deceased brother or sister take their parent’s share.**If only nephews and nieces
survive, they would share in the estate equally (per capita)**

Descendants and relatives conceived but unborn: If born alive after your death, they inherit as if they
had been born during your lifetime.**

Children born outside marriage: Same rights to share in estate as children born in marriage.**

If it is a simple will (everything going to one person or divided equally between two people), you could easily write it yourself using internet resources. Just make sure that it is properly witnessed. You may also want to add beneficiaries to your accounts if possible (if you die, the money goes directly to them without going to your estate).

+1

Jun 6th, 2016 12:33 pm

NerdyGreg: Jr. Member; Mar 30, 2010; 145 posts; 167 upvotes; Toronto

Jun 6th, 2016 12:33 pm

There's a (very clever) law firm that has set up offices in several Walmarts around the GTA (see here: http://www.axesslaw.com/locations/). I got my will and power of attorney done for about $200 (tax incl.), if I recall correctly. It's a good option if you don't have any fancy needs.

Jun 6th, 2016 8:24 pm

rj2wells: Deal Addict; Jan 24, 2015; 1021 posts; 308 upvotes; Canadian in USA

Jun 6th, 2016 8:24 pm

Any lawyer.

One thing, if you have a spouse, make him/her joint on as many accounts as possible and be sure they are listed as the beneficiary on any RRSP, TFSA, insurance, etc., and make sure their name is jointly on the title for your house, car, etc.

This will allow them to get access to most of your assets without having to go through a legal process.

Jun 7th, 2016 11:05 am

tido88 [OP]: Deal Addict; Mar 12, 2010; 1278 posts; 49 upvotes; Aurora

Jun 7th, 2016 11:05 am

Thanks for all the tips guys, also learned about estates. As far as why you should have a get a will:"Even if you want your property divided according to provincial law, you should still have a Will because it will reduce delays and expenses involved in wrapping up your affairs."

NerdyGreg wrote: ↑There's a (very clever) law firm that has set up offices in several Walmarts around the GTA (see here: http://www.axesslaw.com/locations/). I got my will and power of attorney done for about $200 (tax incl.), if I recall correctly. It's a good option if you don't have any fancy needs.

I'll check these guys out, they charge $100 for a will. Also what happens when you write up a will, then your circumstances change. For example have kids or get married. Do you have to write up another will from scratch, or simply update your existing will?

+1

Jun 7th, 2016 11:33 am

NerdyGreg: Jr. Member; Mar 30, 2010; 145 posts; 167 upvotes; Toronto

Jun 7th, 2016 11:33 am

tido88 wrote: ↑I'll check these guys out, they charge $100 for a will. Also what happens when you write up a will, then your circumstances change. For example have kids or get married. Do you have to write up another will from scratch, or simply update your existing will?

If you get married then you should update it (and also get power of attorney, so your spouse can make decisions on your behalf if you're unable to for some reason). As for kids, basic wills are often written to cover "any child" so it doesn't matter how many you have.

Jun 7th, 2016 3:52 pm

Beachdown: Deal Fanatic; Apr 23, 2009; 5154 posts; 683 upvotes; South of Ottawa

Jun 7th, 2016 3:52 pm

NerdyGreg wrote: ↑If you get married then you should update it (and also get power of attorney, so your spouse can make decisions on your behalf if you're unable to for some reason). As for kids, basic wills are often written to cover "any child" so it doesn't matter how many you have.

If you get married, any will dated before the wedding day is automatically void.

Jun 7th, 2016 4:52 pm

wserib: Member; May 21, 2014; 418 posts; 59 upvotes; Toronto, ON

Jun 7th, 2016 4:52 pm

Just make your chosen one the joint owner /beneficiary on everything you own. And put other miscellanious assets to be divided in your will. Sign with notary is cheaper.

Jun 8th, 2016 4:16 pm

tido88 [OP]: Deal Addict; Mar 12, 2010; 1278 posts; 49 upvotes; Aurora

Jun 8th, 2016 4:16 pm

wserib wrote: ↑Just make your chosen one the joint owner /beneficiary on everything you own. And put other miscellanious assets to be divided in your will. Sign with notary is cheaper.

Well I'd like assets to be distributed evenly, among family members, not just one member. Can a notary write up a will also? I assume if they do they'd charge an equivalent sum. Wills costs $100 at a lawyer.

Jun 10th, 2016 11:53 am

Vermont3: Newbie; May 28, 2012; 69 posts; 13 upvotes; Ontario

Jun 10th, 2016 11:53 am

In Ontario there is no real distinction between lawyers and notaries as there are in other provinces like Quebec or BC.

Any of your accounts with designated beneficiaries will pass outside of your estate unless the designated beneficiary is deceased. Axess can be good for some things but I think you want to carefully consider whether they make sense for your estate planning as they are simply interested in getting you and out quickly and perhaps not taking the time to ask the questions that they need to. Most reputable law firms will also store your original Wills and Powers of Attorney for free for life, usually in fireproof facilities which ensures that those critical documents will never be lost.

Although this is contrary to RFD this is probably one of those situations where you get what you pay for.

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