Most lawyers generally charge a fixed fee for the preparation of a simple will, but if you want something complex or unusual, the cost will increase according to the amount of time the lawyer has to spend.  You can help prevent a big bill by planning your will before you get to the lawyer’s office.

Advance planning can also help you create a scheme which will last well into the future, eliminating the need to have your will re-written too often.

This article suggests a number of areas that you should think about in planning your will.

The executor is the person who will be responsible for carrying out the instructions in your will.  Most married people want their spouses to be their executors, but this is not compulsory.  It is usually wise to name a second person who can act if your primary executor dies before you, or in a common accident with you, or is for any other reason unable to complete the administration of your estate.

You should check with your proposed executor and proposed alternate in advance to make sure each of them is willing to act.  The persons you name should later be told where your original will is being stored.

Consider how long it might take to administer your estate.  If your beneficiaries include young children who will not receive their share for many years, your executor should be someone young enough to carry on holding the children’s funds in trust for as long as necessary.

Avoid naming an executor who lives outside Canada.  In most cases, the probate court will compel a foreign executor to post a bond before allowing him or her to administer the estate. 

Avoid naming an executor who may have a conflict of interest.  For example, the surviving partners in a business will naturally want to buy out a deceased partner’s share for the lowest possible price.  If one of the partners is also the executor, this may conflict with his duty to act in the best interests of the beneficiaries.

You may have thought of naming a trust company to act as your executor, and in some cases this may be necessary; but remember--an executor is entitled to compensation from the estate, generally about 5 percent of the total value.  A friend or family member will often waive the fee out of concern for the beneficiaries, but a trust company won’t have such sentiments.
 

Before you get to the appointment with your lawyer, make sure you know how your assets are being held.  Is the house in one name or is it jointly owned by you and your spouse?  Have you nominated beneficiaries for your RRSP?  What about your insurance policies--will the proceeds automatically be paid to a named beneficiary, or will they be paid to your estate, to be distributed according to your will?  If you are uncertain about these things, it may be helpful for you to take your deed, insurance policies, and similar documents to your lawyer’s office.

Try to estimate the value of your assets and liabilities, and be prepared to tell your lawyer which of your assets have appreciated in value.  If you have accrued capital gains, you may wish to know about techniques for deferring tax upon death.

If you are separated or divorced and are paying support to a former spouse and/or children, take your separation agreement or court order with you to the lawyer’s office.  Special provisions may be needed to meet ongoing obligations.

If any of your proposed beneficiaries are under the age of majority, funds left to them will have to be held in trust.  Do you want your trustee to have discretion to use the investment income for them, or do you want the income to be left to accumulate?  Should your trustee have power to encroach on the capital for medical expenses, tuition fees and the like?

Would you rather defer young children’s inheritances until they reach some greater age, such as 25?  If so, choose an alternate beneficiary in case the children die before that age.

If you will be making gifts to a charity, make sure you know the exact name.  Many charities have similar names, and much money has been wasted deciding in court exactly who was meant to get the bequests.

Make sure you are fully aware of the legal status of various family relationships.  For example, if you are making gifts to grandchildren who are not individually named in the will but are merely referred to as “my grandchildren”, consider whether you wish to include any step-children of your sons or daughters.  You might have come to consider these as your grandchildren, but if they have never been legally adopted into your family, your will must make it clear whether they are to be included in the category of grandchildren or not.

Consider what would happen if you and one or your beneficiaries were in an accident together.  Suppose you died immediately, but your beneficiary survived for a few days before succumbing to his injuries.  Your beneficiary would inherit what you left him, then pass it on to his own heirs.  If this is not what you would wish to have happen, ask your lawyer to insert a clause that will require your beneficiaries to outlive you by perhaps 30 days or so before becoming entitled to their bequests.

Make sure you know the full legal names of everyone who will be mentioned in your will, and how to spell them.  If you are known by something other than your real name, tell your lawyer.

If you follow these suggestions, your trip to the lawyer’s office will be brief and productive, and will probably result in a highly satisfactory, reasonably priced will.