Estate Planning Mistake 2 - Not Drafting a Will Properly

Occasionally, I'll have someone admit grudgingly that it makes sense to draft a will, but then they perform a near 180 by saying "I'll just buy a will kit from Grand & Toy." Or worse, "I'll just write one up myself and leave it in the jewelry box."

Look, if you're going to do this, do it properly. Drawing up a will by your own hand ("Holographic Will"), can cost you even more than if you had done nothing at all. Not only are you leaving open the possibility that your instructions won't be interpreted correctly (e.g., defining exactly what your assets are, how they will be valued, how they will be divided, etc.), but you're also running the risk that your will won't comply with the province's statutory requirements.

Now you've complicated matters and your family is spending more money for lawyers to properly analyze and come to an agreement as to how the estate should be managed. Worse, the will might be thrown out altogether, causing wasted time and putting the whole process back at square zero (i.e., not having a will at all). If you're reading this as you get ready to open up the will kit you bought at an office supply store, take the following steps:

1. Put the box back in the plastic bag along with your receipt.
2. Go back to the store and return it.
3. Use the refunded money toward paying someone to do the job properly.

Also, don't assume that the will you made out before you were married or re-married will automatically include your current spouse. The first priority (well, perhaps second priority) after the ceremony is over should be getting an up-to-date will.

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