What Are DIY Wills And Why Should You Avoid Them?
The pandemic has shifted many aspects of our lives including how we approach law. The demand to do things from home and in a much simpler way has naturally increased due to the nature of most people’s living situation, which is why DIY (do it yourself) and online Wills have become increasingly popular.
DIY Wills are documents that you can fill in about your estate on your own and are often distributed online through a template that can be used and printed by the customer. Some services will offer a verification process by an expert; however, they are not necessarily legal professionals who can provide an accurate verification. While this may appear convenient, there are many risks that won’t become apparent until it is too late.
Lack of Guidance
The most important reason to not use a DIY Will is the lack of guidance. You are unable to seek advice from a legal professional who can lead you through the important steps as well as the implications from the choices established within your Will.
There are many complications that you may not be aware of that can come into play when creating a will including but not limited to complex ownership, vulnerable beneficiaries, and unique family situations.
With this in mind, when creating a DIY will, you do not have access to a professional who can reduce the chances that it will be contested after you pass away. A Will created without a legal professional is often missing important information that would be needed to protect it from being challenged, leading to the potential of your assets landing in the wrong hands.
Additionally, if the Will was not executed properly, it could take significantly longer for your beneficiaries to even receive their assets, sometimes having to deal with court processes to resolve the issue.
Safety and Security
Another risk of DIY Wills is the lack of safety in place for both you and your beneficiaries. Someone who verifies your Will online is not able to determine your current well-being or the best interests of you and your beneficiaries. Additionally, it is difficult to determine whether the online assessment is valid and will respect your privacy through the process.
DIY Wills may seem cost-effective initially, but can end up being more costly than paying simple legal fees to create a will. While their lower prices may be inviting at first, if it is not valid or to proper standards, it can lead to substantial legal fees down the road for either your Estate or your beneficiaries.
When planning your estate and creating a Will, it is important to take into account all factors and think through every decision. The intentions of a Will are to look after the welfare of your beneficiaries, which is why you should create one with this in mind, alongside a legal professional.
Janice Papp is an accomplished associate at CBM Lawyers with nearly 33 years of experience, specializing in Estate Planning. Contact Janice to get started on creating your Will today: 604-533-3821.
Flash Sale with U-Eight Income Properties in Kelowna
2021 is just around the corner so why not get a head start and make some goals for your financial future? There’s no time like the present to begin your property investment journey.
If you have been searching for an investment-worthy area in BC, look no further than the sunny Okanagan. Just steps from UBC’s busy Okanagan campus and North Kelowna’s business district lies U-Eight, a new development of move-in-ready homes that are perfect for anyone looking to build their investment portfolio. The University District’s appeal is met with an urban atmosphere surrounded by nature’s beauty and enjoyed by the university community, families and professionals alike. This thriving centre is not only rich in arts, culture, and academics, but also on the verge of expansion and growth.
Now is the time to take advantage of U- Eight’s flash sale from November 21st to 30th. With discounts of up to $50 000, two- bedroom homes will start from $344 900 and three bedrooms from $424 900 during this 10-day sale. Current low interest rates are an advantage for those who want to enter the real estate market in this quickly developing and growing community. Furthermore, demand for rental housing in Kelowna, steady UBC Okanagan enrollment and growing industry add to the favourable investment environment. U- Eight homes are move-in ready so you can begin your income property adventure as soon as possible.
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As an income investment property, U- Eight checks all the boxes for liveability. UBC Okanagan’s campus is a 5-minute walk and North Kelowna’s Business District is a short drive away. Commuting is efficient with transit routes and walkable neighbourhoods right at your doorstep and a variety of restaurants, wellness services, boutiques and local specialty shops conveniently accessible. The connection between people and place is visible in the design of the development, allowing for easy modern living while complementing the natural beauty of the region. The U-District is also connected to Glenmore, Lake Country, Winfield and Kelowna International Airport (YLW), allowing you to enjoy the amenities of these neighbouring areas. Many flexible options exist for those with various lifestyles – there’s truly something for everyone.
Invest in U- Eight during this flash sale and begin reaping the benefits of your income property. Connect with U-Eight’s, Terra Shalaby at 604-332-2150 via phone or text. If you are curious and want more information on the U-Eight development please visit liveatueight.com
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