Be careful of the type of Will you use
There are 3 types of Wills: Formal, Notarial, Holographic.
A formal Will is a typed document signed by you in front
of at least two witnesses (who cannot be a beneficiary or
their spouse). It is wise to have a formal Will prepared by
a lawyer or notary. The cost is well worth it when you consider
the potential problems you’ll avoid.
A notarial Will is similar to the Formal Will but only used
in Quebec. It is prepared by a notary and signed before the
notary and a witness.
A holographic Will is prepared in your handwriting and signed
by you with no witness necessary. This is not a recommended
Will to use because it is subject to misinterpretation and
challenge and is not even recognized in some provinces.
There is another alternative which is also not recommended.
These are the preprinted forms or computer programs to create
a Will. They are inexpensive but the money you save is small
compared to the legal fees your beneficiaries might have to
pay in settling your affairs.
Simply stated, when you consider the consequences of not
having a proper formal Will, it’s just not worth doing
it any other way.
Important information about our financial planning services can be found at the bottom of our
homepage.
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