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The Importance of Drafting a Will

16 June 2015 by National Bank
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A will is a legal document that one prepares to indicate who will inherit their property upon their death.

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Drafting a will is the best way to facilitate the transfer of your assets upon your death. A will is used by the executor of an estate to distribute assets among heirs, in proportions that have been specified in the will. Any adult of sound mind may draft a will, with or without the help of an advisor or another person. Any will drafted under threat or pressure may be invalidated by the court.

Types of wills

There are three types of wills that are recognized by law:

- A notarized will;

- A holographic will, written by hand;

- A witnessed will.

A notarized will is drafted in the presence of a notary, according to governing regulations. A notary’s legal expertise is extremely useful for avoiding mistakes which can lead to problems for your heirs.

A holographic will, written by hand, is the easiest way to draft a will. It is not necessary to have a witness or to use any type of special form. However, the validity of the document is subject to legal verification by a notary or court.

A witnessed will may be handwritten or computer generated. All pages of the document must be signed by the witnesses, who do not necessarily need to be ?aware of the provisions of the will. A witnessed will is also subject to legal verification.

Revising a will

As life situations and personal wishes change over time, it is highly recommended to regularly review your will. Such a review is particularly important in the aftermath of major life events, such as marriage or the birth of children.

For more information on wills, visit http://www.educaloi.qc.ca/en/capsules/wills

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