7 Things You Need to Do If You Don’t Have a Will Yet
Many people think the law will ensure that their property is transferred to their loved ones if they depart without leaving a Will.
However, given that they are frequently not what you would assume, the rules governing asset transfer in the absence of a will may surprise you. Many people also think managing their inheritance will be simple if they do not own much and have a little net worth.
Even if you have a few possessions, a will may benefit your loved ones by sparing them a lot of hassle, expense, and worry. Here are a few justifications for writing a Will and where to find wills & estates lawyers:
Select a Dependable Executor
After someone passes on, various loose ends need to be secured, including taking care of funeral arrangements, vehicles, bank accounts, insurance, dependents’ needs, properties, and businesses.
The performance must inevitably continue. The person who has chosen to manage these matters after your passing is an executor. It is still possible to apply to be the executor even without a will, albeit it can be a costly, time-consuming, and difficult procedure.
It is essential to choose a dependable Executor while writing a will because doing so could enable you to save time and money.
Lower Tax Obligations
Frequently, beneficiaries must pay taxes on the assets they inherit. You can decrease the tax consequences of receiving or leaving an inheritance by making a will. Without estate planning, paying taxes might be challenging.
Reduce Probate Costs
Any estate that exceeds a specific threshold must go through probate, necessitating the court to certify the will’s validity. The local courthouse must list the estate’s assets, liabilities, and properties.
For the first $50,000 of the estate in Ontario, there is a $250 cost, and there is a $15 fee for every extra $1,000. There is no cap on the price.
Without a will, every asset in the estate must be considered. This implies that everything must include the home, furnishings, cars, jewelry, computers, dishes, and silverware. The cost of probating an estate will increase based on its size.
However, straightforward legal techniques reduce or even eliminate paying high probate expenses. Creating a solid will and an effective estate plan may be the initial stages in this preparation. Do not burden your family with needless requests.
Ensure Young Children’s Financial Future
The Ontario Public Guardian and Trustee will handle your children’s financial affairs if no guardianship nominees have been made for minors or dependent parties. If there is no will, the government will decide how much money your children will inherit in the future.
State Your Wishes for Burial
Have you discussed how you plan to arrange your funeral with your loved ones? Are you sure that everyone is aware? What happens if your family cannot decide on the best course of action? Why leave things unresolved? Your wishes will be made crystal plain and unmistakable in a well-written Will.
Never Leave a Family Member Behind
Family structures have evolved far faster than Ontario’s existing legal system. The present laws do not account for everyone, even though the courts are now catching up and accepting the many sizes and shapes of families.
If you don’t create a will, those you consider family could not get the inheritance you think they should. Despite the rise in these relationships, common-law partners cannot inherit from their marriages. Even if you want to give your spouse everything, they wouldn’t be able to get their fair portion without a will.
Without mixed families or adopted children would be another example. Rules regulating adopted kids or kids from prior relationships aren’t always sensible or well-intentioned. You risk forgetting to include your child in your will if you don’t have a will. So, look for will and estate planning lawyers near me!
Consult with a Will and Estate Lawyer in Kanata
If you have significant assets, a will and estate lawyer can help you create a comprehensive estate plan that will minimize taxes and maximize the distribution of your assets to your beneficiaries. A will and estate lawyer can also help you create trusts to protect your assets from creditors or to provide for special needs beneficiaries.
If you have a complex family situation, a will and estate lawyer can help you create a plan that considers your family’s unique needs. For example, if you have minor children, a will and estate lawyer can help you create a guardianship arrangement to ensure that your children are cared for by the people you choose.
If you don’t have a Will, there are several things you should consider. First, you should consider who will inherit your assets. Second, you should consider how your assets will be divided. Third, you should consider who will manage your estate. Finally, deliberate what would happen to your young children if you passed away without a will.
Get quality legal advice from Ontario Wills & Estate Plans. Contact us if you need wills & estates lawyers!