Wills, Everything You Need To Know

• Do You Need A Lawyer To Write A Will?
• How Important Is A Will?
• Dying Without A Will
• What About Your Children?
• Hummingbird Can Help
• Commonly Asked Questions About Wills

How Important Is A Will?

Your family and loved ones are the most important part of your life. Wills are crucial in order to protect your loved ones and to ensure that your estate is properly divided amongst them, as you wish.

The outcome of an estate can be left up to so many variables, that you don’t want to take any chances with your life’s work and your legacy.

Ultimately, a will is one of the most important documents you can have in order to avoid the list of potential issues that can arise in the absence of having a will.

For example, without a will, your death will be intestate.

In Ontario, if you die without a will, your estate will be subject to statutory provisions which dictate the division of your estate, completely negating your wishes. This is why it is important to properly document your wishes in the form of a last will and testament.

If you are a business owner, a corporate will can allow you to keep your business assets separate from your personal ones and will not force it to go through probate, therefore avoiding a probate fee.

Dying Without A Will

If you simply want to leave everything to your married partner, and you have no children, then without a will your legally married partner has the right to your estate.

If, however, you and your partner are unmarried or in a common law relationship, your partner does not have the same right to your estate since in Ontario, common law spouses are not considered to be “next of kin” under the province’s Succession Law Reform Act, RSO 1990, c. S.26. This means that common law spouses are not entitled to their partner’s assets without the express wishes of the deceased in a will.

Under the act, if you’re not 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

What about your children?

While the children will still receive significant portions of your estate without a will, it will not necessarily be divided in accordance with what you wanted if you didn’t express your wishes in the form of a will.

Due to the possible sentimental attachment to property or heirlooms, the uncertainty that the absence of a will creates can lead to arguments or differences between your children regarding certain assets in your estate.

In the event that your children are unable to resolve these disputes, the articles of the estate are forced into sale and division of the estate will just become one of finances. It is advisable that you speak to a wills and estates lawyer to understand the consequences of not having a will.

A wills and estates lawyer can assist you in drafting a will that clearly states your wishes to ensure that you’re not burdening your children with unnecessary stress and potential family disputes.

Hummingbird Can Help

Having a will is crucial to ensure that your loved ones are protected, your possessions are distributed in the manner in which you want. If you’re a business owner, you want to protect the shares and assets of your business and ensure that they’re transitioned properly.

While Ontario may have some statutes and provisions set in place to divide your estate after your death, it surely won’t be divided the way you would have wanted. The wills and estates team at Hummingbird Lawyers LLP is well versed, experienced and skilled in assisting you with your will.  Writing your will doesn’t have to be an overwhelming experience. Trust Hummingbird with your most precious legacy; your family’s financial security after you’re gone.

Frequently Asked Questions about Wills

Do I really need a Last Will and Testament?

YES! Here are my top 5 reasons why you need a Last Will and Testament

1. Common law spouses are not entitled to the same property rights as legally married spouses. Without provisions in your will, your common law spouse will not inherit property under the law in Ontario. Your estate would go to your closest living relative and completely bypass your common law spouse.
2. If you have children, your legally married spouse will not inherit everything. Your spouse will only inherit the first $350,000 of your estate and then would equally share the remainder with your children.
3. If a minor child inherits more than $35,000, the surviving parent will have to apply to the Office Public Guardian Trustee and ask permission to become the Guardian over the money. A parent is not an automatic Guardian of your child’s money.
4. A proposed Estate Trustee or Guardian may be required to post a bond with their application. Posting bond could be as high as three times the worth of the estate.
5. You can reduce Estate Administration Tax exposure.  By reviewing your assets with a lawyer, we can identify issues you may not think about on your own. There are planning tools such as dual wills, beneficiary designation forms,  family trusts, capital gain planning, and joint tenancy just to name a few.

What happens if I die without a Last Will and Testament?

The Ontario Succession Law Reform Act will determine who the beneficiary of your estate will be.

If you are legally married with children, your spouse will not receive your entire estate!

If your children are minors, the Office of Public Guardian will become involved in the process.

A surviving parent is not the guardian of your child’s money.

What is a “Corporate Will” or a “Second Will”?

Typically, one person would have one Last Will and Testament that handles all aspects of their estate. The Ontario Supreme Court however, changed this idea with the ruling in Granovsky Estate v. Ontario.

In this case, the court accepted the concept that a person could have two Wills;

one Will that pays the administration tax and goes through probate and a second Will that does not go through probate and avoids the administration tax.
This created the Primary and Secondary Will concept.

Imagine two buckets:

One bucket holds all your personal items such as your bank accounts, real estate and personal belongings, and the second bucket only holds your corporation ownership.

By separating these assets, only the assets in your primary Will would go through probate and be subject to the administration tax (probate fee).

The secondary will that only holds your business ownership will not go through probate and will avoid the administration tax.

Does divorce revoke my beneficiary designations for life insurance or RRSPs?

NO!! These designations will be honoured regardless of the status of your relationship.

This includes second marriages.

You must take proactive steps to change these beneficiary designations.

How much does a Will cost?

Please fill out the short form to get a quote to make a Will and our Wills & Estates lawyer will reach back to you.

Alternatively, you can call Hummingbird Lawyers directly at 905.731.1911 or email info@hummingbirdlaw.com.

With esteemed, skilled and capable lawyers in Toronto and lawyers in Vaughan, Hummingbird Lawyers LLP has locations in both areas to serve our clientele. Choose the location more convenient to you, and let us assist you with your legal matters.

If you have questions about Wills, please contact:

Tracey Jones, Law Clerk
Email: info@hummingbirdlaw.com
Phone: 905 731 1911

Related Article

• Inheritance rights
• Succession planning
• The importance of succession planning
• Protect Your Common Law Spouse
• Challenging A Will
• Challenging A Will From The Perspective Of A Child
• Challenging A Will From The Perspective Of A Spouse