Will Preparation Fee Quote
FEE QUOTE FOR WILL PREPARATION
Thank you for your interest in using the services of NLCI Your Real Estate Professional Corporation in connection with the preparation of a Last Will and Testament. If you have already decided that you are proceeding with having your will prepared, then we applaud you for this wise decision. If you are still questioning whether there is a real benefit for doing so, we wish to address some of the reasons why we believe having Last Will and Testament can only be helpful.
One of the questions that people ask is what happens when someone passes away without a will? The good news is that contrary to the popular belief, the assets of the deceased will not automatically go to the government. The devolution of assets is governed by statutes and there are rules in place based on different scenarios set out by law. For example, if a deceased person has a spouse but no children, then everything would go to the spouse in the absence of a will. If the deceased person has a spouse and one child, the first $200,000 in assets would go to the spouse, and whatever is left over, will be divided equally between the spouse and the child. If is more than one child, the remaining assets after deduction of the spouse’s preferential share, will be divided equally between the wife and the children. Should the deceased have no spouse but has children, then all his/her assets are divided amongst the children."
However, even if one is content with these predetermined scenarios, having a will can be helpful when it comes to probate. A written will provides for the appointment of the person chosen by the deceased so that the elected person has authority to close down bank accounts, sell houses and then distribute the proceeds according to the wishes of the deceased. Not having a will could mean delays and extra costs. If there is a dispute between family members regarding who gets what, it can turn out to be problematic for those who really need to be protected (such as minor children) or result in serious unfortunate consequences when debts are not paid on time (power of sale).
It is easy to find cheap legal forms online or comprehensive do-it-yourself will kits and it may have crossed your mind to use these to write your will. Why not, it would make sense and save money, would it not? Well, other than the cheap DIY forms can end up with you making mistakes and errors in writing your wishes out and creating more issues for the estate in terms of the “drafting”, the lack of legal advice and appropriate guidance for estate planning may end up hurting the estate more than you can imagine. The main thing about these cheaper, "do-it-yourself wills" — both kits and online services — is that you are not talking to anyone in person thus you have no one to direct you to tell you what you need. Using the services of a lawyer allows you to examine your assets, your family situation, your relationships, what your plans are for the duration of your life, in terms of estate planning and then past that, once you are gone, putting in plans to possibly avoid the probate process. It allows you to review how you are holding title to some properties and make decisions that will help your family and loved ones hold on to the assets if you are not there to provide them with the financial support you provided before. It involves discussions and actions to be taken by you before a will is drawn and executed.
HOW MUCH DO I HAVE TO PAY FOR WILL?
The price to pay for a Last Will and Testament will often vary depending on whether you require a simple will to be drafted or your will is a complex one. A “simple” will is a will that is not complex. A will can become complex where, for e.g., the testator is separated and living in common law, is a person who has children from different relationships, shares interest in a business, holds title to certain properties in trust, is obligated to pay support to the ex-spouse pursuant to a separation agreement, has elected to create various trusts to hold for certain unnamed beneficiaries, has a list of various specific gift items for certain individuals, has a long list of charities that the donor wishes to incorporate in his/her will, etc.
We have our standard form of Will Questionnaire that we will provide you that requires you to fill out certain information so that we can identify whether you need a simple will or a complex one. If you require a simple will, our legal fees to prepare same is $495.00 plus H.S.T. This includes two powers of attorney as courtesy, one for personal care and one for property. As you may be aware, a will comes into effect upon death. Should you become mentally or physically incapacitated, the will is not going to help. A power of attorney allows you to appoint someone you trust to act on your behalf to handle your property when you cannot. Powers of attorney have their own risks and limitations. We will discuss the best form of power of attorney that will be beneficial for you in case you choose to have one drawn.
If we determine that the information provided will require that a complex will to be drafted, we will inform you in advance of the fees that will apply and will only proceed with the preparation of the document with your consent for the higher fees. We wish to reassure you that we strive to serve you well and keep fees reasonable and affordable for our clients.
If you wish to have mirror wills for you and your spouse prepared, we have a will package for couples for $895.00 plus H.S.T and it also includes complimentary sets of powers of attorney for each other
CLICK HERE TO BEGIN WILL QUESTIONNAIRE!