- What Is A Last Will And Testament?
- Just How Important Is A Will?
- Dying Without A Will
- What About Your Children?
- Things To Keep In Mind
What is a Last Will and Testament?
A Last Will and Testament is a legal document that appoints who will be in charge of your estate and what your final wishes are in regards to the distribution of your assets upon your death. Your wishes are outlined in a document which will outline, among other things, who will be the beneficiaries of your estate (all your assets both real and personal) and how the distribution of your estate will go. You can also provide for who will become the guardian and custodian of your minor children, create trusts for minor or disabled children and even provide specific gifts.
Just how important is a will?
Studies and surveys over the last several years consistently indicate that more than half of all Canadians do not have a last will and testament. The importance of a will is something that is often overlooked, as people think “I don’t have enough” or “I only need a simple Will.” But, you don’t know what you don’t know! Your will is one of the most important legal documents that you can have. There are numerous issues that can arise within your estate, and among your loved ones if you do not have a will when you pass. For example, without a will, your death will be “intestate”. In Ontario, this means that your estate will be subject to statutory provisions to determine who will be inheriting your estate. This, of course, goes against your personal wishes, and can also add several issues to an already overwhelming situation. For example, if you have a legally married spouse and children, your spouse will not get it all.
Seeing a lawyer with experience in wills and estates to prepare your will can prevent many contentious issues from arising during an already emotional time.
How dying without a will may affect your common-law spouse and family
If you and your partner are unmarried or common law, you may inadvertently leave them out of your estate. Your common law spouse does not have the same entitlements as a legally married spouse. In Ontario, the Succession Law Reform Act does not include common law partners in the definition of spouse and therefore is not considered to be a next of kin under the Act. If you die without being legally married, the act dictates a hierarchy in which your estate will be distributed. Under the act, if you’re not legally married, your estate will:
- Go to your children
- If you have no children, then your next of kin would be your surviving parents
- If none, then your siblings
- Or if they are no longer alive, then it will be divided among nieces and nephews, etc.
Nowhere in this list does it consider a partner or common-law spouse to receive any part of your estate.
What about your children?
Children are another factor that can be unintentionally overlooked during the will planning process. There are several details that need to be addressed properly in your will with respect to minor children. If you do not appoint a guardian and a custodian for your minor children, it may lead to disagreements between family members. For example, you may want one individual to act as custodian and be responsible for day-to-day care but prefer that another individual act as guardian and be responsible for financial decisions. You may want just one person to take on both roles, but if these things are not specifically outlined in your will it may be left to a judge to decide what is in the best interest of any minor children.
Adult children also need to be considered. Do you have children from a previous marriage or relationship? Are they disabled? Do they live in Canada? Do they have citizenship elsewhere? Was there a loan or advancement of money to one child and not another? These are all examples of situations that may create complications if they are not addressed properly in your will.
Things to keep in mind
Our Will lawyer in Toronto can help you determine exactly what documents you should have in place as well as ensure that your wishes and the people closest to you are protected.
If you’re looking for skilled and experienced lawyers in Vaughan or lawyers in Toronto, Hummingbird Lawyers LLP has offices at each location for your convenience.
Contact the Wills & Estates team today to set up a Will for your estate. You can also fill out this short form to get a quote to make a Will.
The team can help save your family any stress and future trouble in an already upsetting, and often overwhelming, situation. They can also help you to Probate a Will, and more.
If you have questions about Last Will and Testament, please contact:
Tracey Jones, Law Clerk
Email: info@hummingbirdlaw.com
Phone: 905 731 1911
