Whether you are single, married, divorced, or common-law – every adult should have a Will.
Having a Will can:
- provide peace of mind
- ensure that assets are distributed according to your wishes
- help avoid family disputes
- provide for dependants
- minimize estate taxes
- support charitable causes; and
- prepare for unexpected situations.
A Will is a legally binding document that sets out how you would like your assets to be distributed after the time of your death. If you do not have a Will your estate will be distributed according to the laws of intestacy, where the provincial government will decide on how to distribute your estate and this may not align with your wishes.
There are many reasons why people choose not to have a Will or just haven’t thought about it yet. However, there are also many issues that will arise if there is no Will in place.
In Ontario, when an individual dies without a Will, the surviving spouse is entitled to the first $350,000 of the value of the estate. The remainder is distributed as follows:
If there is one dependant child, one half will go to the spouse and one half will go to the child. If there are more children then 1/3 will go to the spouse and 2/3 will be divided amongst the children.
It is recommended that a Will be drafted by a professional lawyer to ensure that your final wishes are met and to allow for any changes to be made throughout your lifetime. Quite often the use of Will kits or online wills are completed but if you make a mistake there is no insurance to rectify the problem. By using a lawyer, if they make a mistake the lawyers liability insurance will reimburse your beneficiaries. Be sure to use a lawyer with qualifications and one that has experience with estate planning. Lawyers with their TEP designation should be considered.
Do not procrastinate in writing a Will. If you wait too long or are in a serious accident that affects your mental capacity, you may lose the opportunity. Your power of attorney or heirs cannot write one for you.
Without a Will, the probate process can become more complicated, time consuming, and costly. Decisions about your estate are left up to the courts rather than being based on your specific instructions.
