Dear Nancy Woods,
I recently saw a response you wrote with regard to wills in The Globe and Mail - so was hoping you could answer a question for me.
I am in the process of encouraging my dad (63 years old) to draft a will, and am going to draft one myself (36 years old). We have seen numerous will kits and online legal document websites that offer services that are much cheaper than having a lawyer draw up the will. Is there any risk that a "do it yourself" will would be set aside or not valid for some reason? We would like to save some money, but want to be sure the will can stand up after our passing.
Appreciate any thoughts you have.
Thanks, Jamie
Dear Jamie,
Even though the cost may be higher than a DIY kit, I suggest you seek legal advice. The cost you are trying to save could be a lot less than the legal costs if there is litigation or some tax planning that was missed.
Don't be penny wise and pound foolish as the saying goes. Seek out the cost of what is it to draft a will from a couple lawyers to comparison shop. Estate litigation is VERY expensive. An estate can be easily whittled away to nothing if a will comes under dispute.
Some things in life you truly can do-it-yourself, but when it comes to doing your will, I strongly suggest you use a professional to ensure the best and smoothest outcome.
Nancy
Nancy Woods is an associate portfolio manager and investment adviser with RBC Dominion Securities Inc. Visit her website www.nancywoods.com or send an email request to asknancy@rbc.com. You can send your questions to asknancy@rbc.com as well.