Q. I want to cut legal costs. A. A will that is prepared in your own handwriting and signed by you without a witness is called a holograph will. This type of will can cause serious problems, because your wishes may not be interpreted in the way you intended. If the will is ambiguous, or leaves out part of your estate, it may be partly or entirely ineffective. Some provinces do not recognize holograph wills.
Some people think they're bestowing an honour when they appoint someone as executor of an estate.
In fact, it's a heavy imposition that demands a lot of time, effort and paperwork. Even modest estates require great care and skill from the executor, who carries out a wide range of duties. Executors must be able to deal effectively with many different people and companies, including beneficiaries, accountants, lawyers, Revenue Canada, insurance companies, stock brokers, and real estate agents, to name just a few. For example, if property must be sold, your executor will have to weigh various offers. The executor may also have to balance the interests of beneficiaries whose concern is capital growth with those interested in income.