Why Do I Need a Will?

In Canada, if you die without a Will you are considered to have died "intestate." In Ontario, when this occurs, your estate will be distributed in accordance with the Succession Law Reform Act. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ When dying intestate, there are several issues you should be aware of: ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ 1️⃣ Your spouse is not entitled to your entire estate; ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ 2️⃣ If you have a common law spouse, they do not have a statutory right to inherit your assets; ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ 3️⃣ If you have minor children, any funds in which they are entitled will be paid into court and managed by the Accountant of the Superior Court of Justice of Ontario who will decide how those funds should be invested and what amounts should be paid for your children's maintenance in the event an application; ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ 4️⃣ The court will decide who becomes the guardian of your children; and ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ 5️⃣ If you have no kin, you estate will go to the government. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ While this is not an exhaustive list, the consequences of dying intestate can be quite considerable, adding undue stress at a difficult time. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ It’s never too early to make a will or plan your estate. If you need assistance, please give us a call. We would be glad to help.