Making a Will is a crucial step in properly planning and managing your affairs, but it can be difficult to know where to start. Here are five questions we recommend you ask yourself before sitting down with a lawyer to draft your Will:

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​1. What does my estate consist of?

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In determining how best to plan for your estate, you must assess what your estate will consist of. This will certainly change over time, but it’s important to review what assets and debts will be at issue when you pass away based on your current circumstances. In terms of assets, consider what you own by way of property, bank accounts, investments, pensions, vehicles, and personal belongings. You may also have life insurance policies that you would like to review, update, or establish.  In terms of debts, consider things such as mortgages, loans, lines of credit, or other substantial debts that may be required to be dealt with upon your passing.

 

2. Who do I want to inherit my estate? 

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Once you have a clear picture of what is involved in your estate, you will be able to better assess who you would like to leave it to. Your beneficiaries can be anyone you wish to gift your estate to and can consist of as many or as few individuals as you wish. This could include your spouse, children, siblings, parents, friends, or any specific charitable organization(s). To ensure you have the best plan in place, also consider who you may wish to benefit in the event any of your beneficiaries pass away before you.

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3. How do I want to gift my beneficiaries my estate?

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When thinking about who you would like to inherit from your estate, you should consider how much or when you may want those people to receive their share. Would you like your estate to be equally divided amongst a certain number of people, or do you want to leave a specific amount of money or a specific asset to certain individuals? Also consider the matter of the ages of your beneficiaries. With minor beneficiaries, you can and should specify what age you wish for them to receive their share of your estate – whether that be 18 or 25 years old.

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4. Who should be responsible for handling my estate?

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Perhaps one of the most important aspects of your estate planning is a serious consideration of who you would like to name as your executor. Your executor is going to have a substantial job of administering your estate – they will gather your assets, they will pay your debts, and they will ensure that your beneficiaries receive their gift(s). Because this is a lengthy and potentially complicated process, it’s important to name someone that you believe could manage the responsibility of doing so. Further, it’s important to consider at least two or three people that may be capable and determine who would act as executor if your first-named executor is unable to.

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5. Who do I want to care for my minor children?

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Lastly, if you have minor children, you will want to consider the issue of their guardian in the event you and their other parent passes away. While the guardianship of children remains an issue in the court’s jurisdiction, it is important to declare your wishes in terms of who you wish to be their guardian as it will factor into the outcome.

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Aside from determining who you may name as a guardian (or guardians), you should also consider if you want to include any additional provisions for your children and their guardian(s) such as the ability to remain living in your home, the ability to provide an initial or ongoing financial assistance to the guardian(s) to assist in raising your children, or otherwise.

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