LAST WILL AND TESTAMENT
Wills and Estate Planning
15 Oct
According to a survey 56% of Canadians don’t actually have a will - That’s a pretty large percentage of people who don’t have such an important document on hand.
You’ve decided you need to make a will. Awesome—but you’re probably thinking “now what?”
As you sit down with a pen and paper to draft a will, you probably can't help but feel like you are planning the world's most morbid to-do list. It's not exactly a bucket list, more like a "kick the bucket and here's where my stuff goes" list.
Should I leave the extensive collection of mismatched socks to my nephew who thinks socks are just colorful foot prisons? Or perhaps the prized rubber duck collection should go to the local pond where they can finally fulfill their destiny? Oh, and let's not forget to specify that the cat inherits my Netflix password, because honestly, she's the one who watches it the most.
As you contemplate the existential absurdity of bequeathing belongings, you can only hope that that loved ones will appreciate the quirky sense of humor, especially when they find out that all that you have left them all my unread books
Seriously making a WILL is no joke. How to Make a Will and When Should to Make a Will? And most importantly, How to Make Your Will Legal in Canada?
Generate wills, powers of attorney, and other documents the way you want. Writing a will and last testament will form the foundation of your estate plan. A last will and testament are a legally binding document that you write while you are alive to provide instructions for your estate after you are gone. Your last will and testament allow you to specify exactly what you desire, and it will be the presiding document used by a probate court to settle your estate. Estate planning helps you minimize taxes and expenses for your beneficiaries when your assets are distributed later.
So apparently, making a will isn't just dividing a book collection or deciding who gets stuck with your old bean bag chair. No, no, it's about covering all the bases, from who's going to keep your goldfish to how your funeral should be more of a celebration than a somber affair.
And let's not forget those random wishes—like making sure your secret stash of emergency chocolate gets bequeathed to your best friend who always knows how to cheer you up. Because, hey, even in the afterlife, a little sweet bribery never hurts. On a serious note: You must Include any wishes you may have, such as desires that aren’t associated with your financial assets, instructions for your funeral, who should take care of your pets, and other wishes.
You can choose a checklist with several essential details to include Name an executor. The executor will be the individual who will be fulfilling the wishes you have put into your will. Identify beneficiaries. List the individuals who will inherit parts of your estate. You can divide your assets amongst them however you wish. These can be family members, friends, or even your favorite charity. Choose a guardian. If you have any children under the age of 18, you’ll need to list who you want to be their guardian.
And most importantly:
Signature - Your signature must be present for your will to be valid.
Witnesses- Get two witnesses to sign who are not listed in your will.
Notarization- Get your will notarized to cement its validity and ensure that it will hold up in court.
So, here's the scoop on wills in Ontario—they're not just pieces of paper you scribble on after too much caffeine. Oh no, they can be like a battleground for the brave souls who dare to challenge them. Yep, in the wild world of wills, anything can be challenged—even your intention to leave your fortune to your favorite Ficus plant. In Ontario, a WILL must comply with the Succession Law Reform Act (SLRA) in order to be valid.
To challenge a will in Ontario, it requires the guidance of an experienced estate litigation lawyer who can lead you through the process and explain the options available at each step. With the passing of a family member often leading to family disputing the contents of the deceased person’s will. Estate disputes are very common in Ontario. - Undue influence or Lack of capacity to make a will. Mistakes with formal requirements line not signed or properly witnessed. Fraud and not clear intentions. Lack of provision for spouse or dependants.
There are many steps that are involved in challenging a will: Filing a notice of no objection, disclosing medical Records, Financial Cost and so many other costs to consider. The process is very time consuming and should be left in the hands of an experienced lawyer. Someone who can work efficiently on your behalf and to ensure that your challenge is worthwhile and has the potential to be successful.
Some of things that happen if You Die Without a Will
Ah, the tangled web of love and inheritance! If you're hitched in the eyes of the law, congratulations—your better half might just end up with your vintage collection but hold on to your socks (especially the mismatched ones)—if you're in a common-law situation, your significant other won't automatically score your treasures. That means If you are married then yes, but Common-law spouses do not automatically inherit your assets.
Your common-law spouse may not be considered a relative so the closest relative may be your adult children. If the agreement is not there between the children and common law, the court will decide after an expensive and time-consuming court petition.
Your estate distribution will be in accordance with the law. If you are legally married, they are entitled to receive the first $200,000.00 and a portion thereafter depending on how many children you have. So, if you're aiming to squeeze every last penny out of your quirky treasures, it's not just about scribbling names in a will—it's about strategically naming beneficiaries on your insurance policies too. Because when it comes to leaving a legacy, even your obscure knick-knacks deserve their moment in the estate tax spotlight.
Imagine this: you're dreaming of leaving your grandkids a treasure trove of wisdom and maybe a few coins for the ice cream truck. But hold your horses—because in the land of wills, it's not all sunshine and rainbows for your grand progeny. Nope, your assets might just end up like a slice of pie at a family reunion—divided between your spouse, your kids, and maybe even that distant cousin who always shows up with a mysterious casserole. If you are financially supporting an elderly parent or paying for a grandchild’s education that aid could be discontinued by your court appointed Trustee unless specified otherwise.
Your wishes for funeral arrangement may not be taken into consideration and will be done in accordance with the preferences of the Trustee or based only on cost. Your heartfelt dreams of endowing your favorite charity with your vast fortune might hit a snag. Yes, in the whimsical world of wills, even your noble intentions can get tangled in red tape.
The guardian of your minor children will be out of your control. There could be an argument between grandparents, or your children could be divided between homes. The court will make the decision. But if you have no next-of-kin, your entire estate goes to the Ontario government.
So go forth and wield that pen like a magic wand—because in the game of wills, you're the director of your very own quirky, familial drama.
We, as lawyers, are here to provide you with peace of mind when it comes to making your will. Our expertise ensures that the process is smooth and comprehensive, addressing all your wishes and ensuring your assets are distributed as you intend."