Preparing a Will

Q.1. Why do I need a will?

If you do not have a will (intestate) the law will determine how your estate will be divided. Your loved ones may find great delay in getting access to your assets and this could cause financial difficulty for them. Your assets may wind up being divided in a way which you did not want.

Q.2. Can I write my own will?

Many people write their own will but generally it is advised that you get legal assistance to ensure that your wishes are clearly stated.

Q.3. What will it cost to have a lawyer help with my will?

It depends upon the complexity of the will but the cost could be about $350 for a basic will. Some trust companies offer a free will planning service.

Q.4. What should my will cover?

Basically, your will should state your intent for your money and assets and name the person who will take care of the financial issues after your death. There are other key things that a will should cover.

Q.5. Who should be my executor?

The executor or estate trustee is the person you designate to carry out your wishes after your death. As such, it should be a person of good judgement who is over the age of 18. It is a very important role that is carried out at a difficult time so it is important to choose this person carefully.