If you're looking to revoke a will, also known as estate planning, and you reside in Toronto, there are certain rules and procedures you'll need to follow, as mandated by Ontario's laws.
To revoke a will, you'll need to create a new will, declaring the cancellation of your old will. Here are the key points to consider when drafting your new will:
Personal Information: Your new will should include your full name, address, and the date.
Declaration of Revocation: Clearly state in your new will that you are revoking your previous will and that your new will represents your final wishes.
Distribution of Assets: Outline how you want your assets to be distributed in your new will. Include the names, addresses, and relationships of your beneficiaries, heirs, and beneficiaries.
Appointment of Estate Trustee: Specify the name, address, and relationship of your estate trustee, who will manage your estate according to your will.
Powers, Duties, and Responsibilities: Clearly define the rights, duties, and responsibilities of your estate trustee in your new will.
Appointment of Alternates: Name one or more alternate representatives in case your estate trustee is unable, unwilling, or disqualified to act.
Special Provisions or Instructions: Include any special provisions or instructions for your children, pets, or other individuals or organizations you wish to include in your will.
Signatures and Witnesses: Sign your new will and have at least two witnesses also sign it. Your witnesses should not be your heirs, beneficiaries, or estate trustees.
You can create your new will with the assistance of a lawyer, or you can utilize online estate planning services. Ensure that you keep your new will in a secure location and inform your family and estate trustee about it.
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