by Honest Alf, the Little Guy lawyer
This is a multi-part series - please read Part 1, Part 2 and Part 3 before reading this post.
“Now Is The Hour” as that old song goes – not to say “goodbye” but rather to get in to see your lawyer about preparing a Will. What do you have to do?
Basically, not a great deal.
If you are married, take your spouse with you because you won’t be able to withstand his or her cross-examination of you when you get home if you try to do it alone. The spouse should have a Will too and it’s more efficient for the lawyer to explain everything once to the two of you – besides, the lawyer will have to meet the spouse at some point in time if you try to give Will instructions on his or her behalf, just to make sure that the spouse agrees with what has been prepared.
Many lawyers like to review with you, in general terms at least, the nature, value and location of your assets – I know, I know, I did say that the Will deals with what you own at your death so why is it relevant to take about your current assets? Well, you may have a villa in Spain, or a house in Florida – you may have an RRSP or life insurance - and the lawyer might be able to help you better understand what goes to whom (and at what tax cost) on your death, if he or she has a good idea of your financial situation.
And that leads me to another point – tell your lawyer about your family situation. Are you in a second marriage? If so, is there a Marriage Contract? Do you have disabled children or other persons who are to be beneficiaries? If so, how about a Henson Trust?
The more you tell the lawyer, the better service you will receive – remember, what you tell your lawyer is confidential and he or she must not reveal it to anyone else. For once, you can tell your lawyer “keep quiet for a change” and he or she has to obey!