Kevin Marshall & Ahmed Tariq
October 7, 2021
Why is signing your Will so necessary? Because this:
1. Keeps control of your estate, according to your wishes.
2. Ensures that those for whom you care about the most (your beneficiaries) can inherit a portion of your estate.
3. Ensures that you have appointed a trusted family member or friend to manage your estate.
4. Avoids having the courts or government decide who inherits your estate and who manages it.
If you pass away intestate (without a signed will), the decisions about your estate will not be in accordance with your wishes:
* All of your assets will be divided between your spouse and children alive at your death, so your estate will not provide for your future grandchildren, elderly parents, close friends or favourite charity.
* The closest living relative will usually be appointed as Trustee to manage your estate.
* You won’t have a say in who should be appointed as the guardian of your minor children.
* Everything will be valued for tax purposes and then distributed.
* Common-law spouses do not automatically inherit your assets: they have to go through a lengthy process to prove their status.
* The distribution of your estate will be in accordance with the law.
How Your property is going to be distributed if you have no Will and you pass away, leaving:
1. A spouse, and no children: Your spouse gets everything.
2. A spouse and children: Your spouse receives the first $200,000. If anything is left over, it is divided between your spouse and your children as follows: If there is only one child, your spouse and your child each receive half; if there is more than one child, your spouse receives one-third and then children receive the remaining amount in equal shares.
3. Children, but no spouse: The children each inherit an equal portion of your estate. If any child has died before you, that child’s descendants will inherit their share.
4. No spouse and no children: Your parents inherit your entire estate.
5. No spouse, no children, and no parents: Your estate is divided equally between your brothers and sisters (or their children, if any brothers and sisters have died).
6. No spouse, children, parents, and no brothers and sisters: Your nieces and nephews each inherit an equal portion of your estate.
7. No spouse, children, parents, brothers and sisters, and no nieces and nephews: All other next of kin inherit an equal portion of your estate.
8. No living next of kin: The government gets everything.
Every person’s situation is unique. Take care of this important matter for yourself and your loved ones today! Call 416-383-0550 about our Will and Powers of Attorney preparation services.
