Wills
- How to Keep Legal Costs Down
Author:
(Part 3 of 4 by James Newland)
While
a professional should always be involved in drafting a will, there are a
number of things clients can do to keep costs down. Lawyers generally charge
by the hour, so you want to keep those hours to a minimum.
Therefore,
before meeting with a lawyer, a client should consider the following:
1.
Beneficiaries - that is, who do I want to get my possessions after I
die. Make a list of what you own. Obviously if you are a homeowner that will
be first on the list, but also have a list of investments, RSPs, business
interests, as well as other property such as a cottage, family heirlooms
and jewelry. Take along the documents for each of these if you have them.
With something like your home, the lawyer will need to check as to the type
of joint ownership. With appraised jewelry, for example, the appraiser's
description can assist in the description used in the will.
2.
Executor who do I want to be in charge of my estate. Who do I trust to
do what I want done. The key word here is trust, not friendship. Trust both
in integrity and judgement. You want someone who understands what you want
done and how you would want it done.
3.
Guardian who do I want to raise my children (be sure and run this by
them first!)
4.
Back-ups who do I want to be second choice for beneficiary, trustee or
guardian if the first choice is unable or unwilling to act?
