LAST WILL AND TESTAMENT ("WILL")
You have the right to decide who will manage your estate after your death and how or to whom your assets will be divided and distributed. If you do not have a Will, these matters will be dictated by provincial legislation.
If you die wihout a Will ("Intestacy") your assets/estate will be divided according to Ontario's intestacy laws. The Estates Administration Act regulates the manner in which family members will be selected to manage the assets of your estate (the "Estate Trustee"). The Succession Law Reform Act sets out who is entitled to share in those assets, and in what proportion. These results may not benefit your family's needs and may not honour your intent or wishes.
A Will allows you to decide how your assets are to be distributed, thereby providing for the welfare of your family. A Will also ensures the trusted person you appoint as Estate Trustee will manage your estate assets as per your wishes stipulated in your Will.
In considering the contents of your Last Will and Testament, we will make the necessary enquiries with you. In the meantime, the following are things you can consider prior to our initial meeting to discuss the terms of your Last Will and Testament:
- Names of persons who you wish to act as your Estate Trustee. You could also have a substitute or alternate person to act as your Estate Trustee in the event choice number 1 dies before you or is unable to act as your Estate Trustee.
- Are there any specific requests whereby you wish to leave personal items such as jewellery or specific amounts of money to specific individuals or charities.
- The names of the persons(s) to whom you wish to leave the balance of your estate ("residue"). In the event there is more than one person, you have to decide what happens to the residue in the event one of them dies. If a beneficiary dies before obtaining their share of the estate, leaving children, do you wish the deceased's share to go to thedeceased's children or to the surviving beneficiary named in your will.
- If you have minor children, at what age do you wish your children to receive their inheritance.
- The names of the person(s) you wish to act as Guardian(s) for your minor children.
You should consider making a Will under the following circumstances:
- if you have never made a will
- upon marrying or remarrying
- when you have lived in a common law relationship for more than 3 years
- if you have not reviewed your will for some time as laws may have changed which may alter the effect of your will
- if your circumstances whether financial or family changes
- when you wish to change your beneficiaries or estate trustees or guardian.
