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Wills

A Will is simply a document by which a person gives or divides their estate up among the persons of their choice upon their death. It has to be born in mind that the Will only takes effect upon the death of the person who has made it (testator). Owing to the fact that the person making the gift is unable to verify their wishes a high degree of formality has been introduced into the law in terms of content and execution. It highly recommended that in order to avoid possible mistakes which are all to common in non-lawyer drafted wills that you consult a lawyer.

If you leave no Will, or the Will is improperly executed, or terms of the Will are rendered ineffective the Government in essence writes a will for you with a standard form of distributions amoung the next of kin. Usually people fail to recognize in drafting their own Will what those rules provide. In addition, while you estate becomes distributed in a certain manner among your next of kin, step-children, common-law spouses, and in-laws are never considered next of kin. Most people also don't appreciate this fact.

Wills are usually prepared at a cost of between $150.00 to $300.00 for a simple Will by most lawyers and are from a financial point of view one of the most cost effective Estate Planning tools. Also at the time of drafting your Will the lawyer will usually discuss your families general circumstances in order to assess any other Estate Planning techniques you should employ.