Top 10 Reasons Why It Is Not Wise To Write Your Own Will
Top 10 Reasons Why It Is Not Wise To Write Your Own Will
by: News Canada
(NC)-Although some provinces accept a handwritten, self-made will (called a "Holograph" will), it is risky to do it yourself. The cost of having a will prepared professionally by a lawyer or notary is far less than people imagine.
Here are just some of the common mistakes which can be made when individuals handwrite their own wills:
- Any wills written previously are not formally revoked.
- There is often no alternate Executor named.
- Frequently a family member or friend is given a bequest, but then there is no consideration for what happens to this gift if the person predeceases the author of the will.
- Most people who write their own wills do not make sufficient provision for the person administering your Estate. For example, the power to sell and convert assets to cash, etc.
- On several occasions the language a person uses in making a home-made will can be vague or misinterpreted.
- Often people take certain things for granted; for example, that their children will outlive them.
- Favourite non-profit organizations such as a health charity or Greenpeace are not identified properly.
- People may instruct to give a particular item to a friend or relative, but no consideration is given to what happens if that gift does not exist at the date of death.
- Sometimes a house is left to a spouse, in trust for example, but then there is often no mention of who pays the expenses for upkeep of the property during the lifetime of the beneficiary.
- Last, but not least, don't make the mistake of assuming because you have typewritten your own will that it is a valid Holograph will. A typewritten will has to follow the usual formalities of a prepared will, such as witnessing and signing as required by law.
If a will is not done properly, the things you have worked hard for all your life may not be looked after in the manner you would have wished - not to speak of the confusion left behind for loved ones, at a time when they are least able to cope with such difficulties.
For a free copy of the booklet "Questions & Answers About Wills" which has more helpful information about this topic, please write to: Greenpeace Canada, 1726 Commercial Drive, Suite 200, Vancouver, B.C. V5N 4A3.
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