Invariably, when people hear that I work in wills and estates, the immediate response is, “Oh, I really should get my Will done!” Sound familiar? Adults often become blasé or unwilling, for a variety of reasons, to ensure that they have up-to-date wills and powers of attorney. In this and my next blog, I hope to motivate and encourage you to ensure you’ve done your estate planning and have these documents in place.
Having these important documents in place is really about making it easier for those we love. Naturally, most of us would never intentionally cause undue stress for our families. However, if a person becomes seriously ill or dies without these documents, that is exactly the result. Dying without a will (referred to as dying ‘intestate’) causes many avoidable problems at a time when our families are already overwhelmed with grief.
Estate planning also provides the opportunity to determine how the assets you have accumulated will be distributed. If you have dependants at the time of your death, there are special considerations and possible limits. If you die without a will, what you own alone at your death will be distributed according to Ontario’s intestacy laws. Those laws also apply to life insurance or RRSP proceeds if no beneficiary has been named. Under Ontario’s intestacy laws, only your married spouse and children who are related by blood or adoption will receive anything from your estate; so, a common law spouse and step-children will receive nothing. If you have no married spouse or children who are related by blood or adoption, your parents will inherit your estate. If you are separated but not divorced and have not signed a separation agreement, your separated spouse will inherit from you.
Reproduction of this blog is permitted if the author is credited. If you have questions or if you would like more information, please call us at 613 836-9915. This blog is not intended to be legal advice but contains general information. Please consult a lawyer or other professional to determine how the information in this blog might apply to you.
Blog posts pre-dated December 1, 2015 were originally published under Neff Law Office Professional Corporation.
