Why you should have a Will?
If you die without a Will, you leave important decisions about your family and your assets to the government’s rules, including the rules in the Succession Law Reform Act. That’s why you need to consult a will planning lawyer in Toronto to ensure your wishes are properly documented, and your loved ones are protected.
The vast majority of estates must go through the court process, also known as probate. Having a will streamlines this process. You get to choose who will manage your estate as the executor. You decide who gets your assets and who does not. If you’re a parent, you can use your will to nominate a guardian for your minor children. The surviving parent will usually get sole legal custody if one parent dies. But if both parents pass, this is one of the most important reasons to have a will.
If you are a common-law relationship, you can leave your assets to your common-law spouse. Under Ontario law, a common law spouse will not inherit anything from their spouse if the spouse dies without a Will.
You will be able to set up trusts for your minor children ensuring that they will be able to use the money that was saved for them. This can include expenses for things such as education (deciding which school they go to), general living expenses (such as food, rent and enjoyment) and other expenses specific to your family situation. You can include at what age they are to receive money, and who should be the trustee of that money until they reach that age.
Without a Will, assets will be automatically paid to minors upon attaining age 18, an age which many feel is too young to handle a large inheritance. Our laws also restrict payments to the parent of a minor of more than$35,000. Inheritance exceeding this amount will be paid into court and held for the minor. Parents will need to apply to access funds. The inheritance will be conservatively invested, potentially experiencing less growth than if invested privately.
If you have pets, a Will enables you ensure that someone takes care of your pet after you die. The law considers pets to be property, so you can’t leave any assets to your pet with your will. But you can name a beneficiary for your pet, leaving them to a trusted friend or family member. You can ask that person to act as a caretaker or guardian for your pet, and even leave them funds to provide for your pet’s care.
You can authorize your executor to access your digital assets and give them instructions how want them to be handled. Without such authorization in the Will, any person administering your estate may need to get a court order to access your digital assets.
With a Will, you may be able to lower the potential for family disputes after you pass by setting out your wishes in the Will, providing clarity for your loved ones.
With a will, you can preserve your legacy by leaving a part of your estate to a charitable organization.
You can also provide funeral instructions in your Will. Often, the will is read after the funeral, so you want ensure that you provide your loved ones with your funeral wishes during your lifetime.
In certain situations, a Will allows you to minimize income tax or estate administration tax.
Last but not least, making a Will gives you peace of mind knowing that your loved ones are taken care of. The executor will be able to act immediately after your death to make funeral arrangements and safeguard your estate, rather than waiting for someone to be appointed by the court. A will reduces the time for probate and the overall costs to administer your estate. The process for appointing the administrator is potentially longer and more complex and, once appointed, the administrator will often be required to post a bond.
When should you review your Will?
We at Duensing Law usually recommend to review your Will on a regular basis, for instance every couple of year. There are also certain situation where we strongly recommend reviewing and, if desired, changing your will:
- You or your intended beneficiaries have experienced significant family changes (e.g. separation/divorce, new marriages or common law partnerships, births or adoptions);
- A beneficiary or a person you named as executor or trustee has passed away, has moved abroad or their health has declined;
- You have acquired new property that may require special treatment in a Will (e.g. property abroad, RESPs, RRSPs, TFSAs, life insurance, shares of a private company, interests in a trust ,jointly-owned property);
- If your Will includes testamentary trusts, significant charitable gifts or your estate planning involves alter ego, joint partner or spousal trusts. Tax rules change frequently so we encourage you to speak to a will planning lawyer in Toronto to ensure that your estate plan still works as intended; and
- Five years or more have passed since you last reviewed your Will.
We structure your affairs both during your lifetime and after your death in accordance with your wishes.
Our service is discrete, confidential, and cost-effective.
Contact a trusted wills and succession lawyer in Toronto by reaching us by email or by telephone to arrange a consultation.
Call us at 416-601-4769
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