Preparing a Will: How do I prepare a will? Can I change my will?

A will is a legal document that is used to determine the division of an individual’s assets following their death. Preparing a will begins with the completion of a list of both your assets as well as your debts. This list should ideally include the components of any safety deposit boxes that you currently hold in your name, any items of sentimental value, and any family heirlooms you hold in your possession along with anything else you wish to pass down to anyone following your death. Then in preparing a will you must determine what goes to whom.

In situations whereby the estate in question is a large sum of money, or whereby the situation is legally complex for whatever reason, it may be in your best interest to hire a lawyer to assist you in preparing a will that best suits your situation. Another reason to obtain an attorney to help in preparing a will is to ensure it is legally binding and is resistant to being overturned, should there be disagreement with respect to the will after your death.

It is possible to change your will after the initial draft. Doing so requires either preparing a new legally binding document to take the place of the old one, or simply amending the present will.

It is important that you are of sound mind and in good health when creating, preparing, or altering a will in any way. If you are not sound of mind, and the will is contested, it is possible that the will not hold up in a court of law.

Once the will is completed, you must continue the process by giving the document to an executer, or some form of professional advisor.  It will be the executer or the professional advisor’s responsibility to ensure that the will is read to the individuals included.

For more information on wills, or to retain a lawyer to draft a will, telephone Krol & Krol at 905.707.3370.