Top 5 Frequently Asked Questions
1. why do i need a will?
So many reasons! Here are a few of the big ones:
First, it makes a difficult time less difficult. You’ve taken the time to set out your wishes, which means your loved ones have a road map to follow after you’ve passed away.
Second, YOU get to make all the decisions. You decide who your executor/estate trustee is; you decide ‘who-gets-what’; you decide who you want to look after your minor children; you decide who takes over your business; you can even decide to provide for your favourite charity.
And third, you’re giving yourself the gift of peace of mind. Live your life to the fullest, safe in the knowledge that you’ve planned for your future and the future of your loved ones.
2. How much does a will cost?
It depends. I work with each client to provide personalized service and to create Wills and Powers of Attorney that are specifically suited to their needs and wishes. Wills and Powers of Attorney vary in complexity depending on your specific circumstances and your wishes for the distribution of your assets. All of this affects the cost of your Will and Powers of Attorney. Once I have a full understanding of your circumstances and your wishes, I'm able to give you a firm quote for your custom Will and Powers of Attorney. This normally happens at the end of our initial consultation.
3. powers of attorney? what are those? why do i need those too?
Powers of Attorney are legal documents that delegate your decision making authority to someone else. There are two kinds: (1) a Continuing Power of Attorney for Property, which generally deals with financial decisions, and (2) a Power of Attorney for Personal Care, which deals with health care decisions.
Think of your Powers of Attorney like long term disability insurance, meaning that I hope that you never have to use them, but when you need them, you need them, and you won’t be able to make them due to incapacity. At that point, a family member or friend may need to apply to be your guardian, which can be a lengthy and expensive process.
4. what is the process for getting a will?
The process starts by completing an Intake Form where I collect some of the information necessary to complete your Will.
Then we’ll meet for our initial consultation where we’ll create your Will plan. Now that we’ve established your Will plan, I can give you a firm quote for your customized Will. If you wish to hire me at this point (and I hope you do!), then I have you sign a retainer agreement to officially hire me.
Next, I create your personalized draft Will and send it to you to review. We’ll also review the draft together before you sign the final version. At this point, I also send you an invoice for half of the quoted fee.
Once your Will is exactly the way you want it, we meet with two witnesses (which I provide) to execute (ie. sign) your Final Will. You’ll leave this meeting with your Estate Documents Package, which generally includes a copy of your Will, Powers of Attorney (if applicable), the final invoice, and a reporting letter.
That’s it! You now have a custom Will stating your final wishes. Congratulations!
5. Do you keep the Wills? And if so, is there a cost?
You have the option of storing your Will at my office or taking it home. There is no cost for having your Will stored at my office. If you wish to take your Will home, then I recommend storing it in a water-proof, fire-proof home safe.