The Kinds of Wills to Write Depending on Your Circumstances
Learning how to write a will is essential, regardless if it’s done before or after marriage. When you get married, you may want to create one or update your existing one if you want to include your new spouse in the distribution. Otherwise, the ruling law will take over and appoint how your assets will be distributed.
Creating or updating a will after marriage ensures that your well-deserving spouse or civil partner receives the assets you want them to. Even if you’d prefer to leave your property to other people or even organizations, a legally binding document will make your wishes known.
Whether you are engaged, married, or planning to someday get married, keep reading below to find out how your relational status affects the estate distribution process.
When someone passes away without writing a will, they are referred to as an intestate person. It means that their estate will be divided based on specific rules. That’s why individuals who reach legal age should take the time to form their will if they want to ensure their possessions go to the right parties.
If you pass away without having created a will, your estate will be subject to the laws of intestacy, which decides where your property goes without accommodating your last wishes. The same is true if your will is invalid; it will be as if you never wrote a will and testament in the first place.
Based on the intestacy rules, a person’s spouse and close relatives are candidates for inheriting the estate. If there are no children, grandchildren, or great-grandchildren involved, a living partner can receive the entirety of the deceased’s estate.
Will After Marriage
When people get married, they are signing themselves up for a legally binding contract that can have consequences when facing legal factors concerning a couple’s individual lives. They can involve deferral income taxes to wills and estates.
If you want to make a few changes to a will created prior to marriage, you will need to rely on a will lawyer to avoid making mistakes that could render your document invalid.
One good thing about writing a will is that married couples or civil partners can place the responsibilities to their partner without involving their inheritance tax. Seeking legal advice from your trusted attorney is necessary to ensure everything is in place, and your spouse won’t encounter problems down the line.
Will After Divorce
Wills and trusts that were initiated before getting a divorce are considered valid. But as a safety precaution, you and your lawyer should read through your will each time you encounter changes in your personal life.
If you experience a divorce, your spouse has the power to stop acting as an executor of your will. But regarding your situation, it may or may not be what you want to happen. You will have to fix your case to help prevent potential problems in the future.
To keep you from encountering unwanted incidents regarding your will, you should make an effort to form a new one after the divorce is official. Doing so helps you evade problems and keep you from waiting for the absolute decree.
Creating your will and testament should never happen only once, especially if you expect your life to change due to marriage or other legally binding situations that require signing official documents. Remember that it’s integral to have an updated will to reflect your present condition. Having a will the moment you reach adulthood is necessary, but it’s also important to keep updating it whenever situations change to ensure your valuable possessions will fall to the rightful owner.
Are you looking for a will and estate lawyer in Ontario to help assist you in forming your will? Ontario Wills offers quality legal advice with the help of our dependable and reputable lawyers. Get in touch with us today to discover available options and prices!