Composing a will is frequently avoided because it is either costly or complicated. The process isn’t the most pleasant topic to discuss. Making a Will isn’t fun, but dying without one is even worse. Therefore, if you don’t have a will or your Will is badly out of date, you may want to get one after learning what happens if you die in Ontario without one.
Your Assets Do Not Instantly Pass To Your Common-Law Spouse
If you were not technically married, you might need to show your dependency to be eligible for benefits, regardless of how long you lived together.
Your Closest Relative Is the First Person in Line to Administer Your Estate
Your common-law spouse may not be considered a relative; thus, your adult children may be the beneficiary of your estate. If they can’t agree on who will be “in charge,” the court will decide on an expensive and time-consuming court petition. If you don’t have a husband or children, things become more complicated, and it may be up to your bereaved parents to help.
Your Estate Distribution Will Conform with the Law
If you and your spouse are lawfully married, they are entitled to the first $200,000.00 and a percentage of the proceeds after that, depending on how many children you have. If you don’t have any children, your spouse will be the sole beneficiary of your estate. The law will disperse your personal belongings. As part of your estate, these will be valued and split. If you want a niece to inherit her grandmother’s rings, you must expressly state it in your Will.
Your Heirs Can Get Your Assets after an Evaluation for Estate Tax Purposes
You should conduct some estate planning, such as naming beneficiaries on insurance policies and writing a Will if you want to maximize the value of your assets.
Your Assets Will Be Shared between Your Spouse and Children
Even if you wanted to care for your grandchildren, you wouldn’t be able to do so. If you don’t have a Will, the only way for a grandchild to inherit is for their parent, your child, to predecease you. Making a Will is a lot easier and will ensure your wishes are followed.
If You Are Financially Supporting an Ageing Parent or Paying for a Grandchild’s Education, Your Court-Appointed Trustee May Terminate Your Assistance
Those who benefit from your financial assistance would have to rely on your court-appointed Estate Trustee’s goodwill.
Your Court-Appointed Trustee Will Arrange for Your Funeral and Burial
This means that your wishes may be ignored, and things will be done according to the Trustee’s preferences or based only on cost.
There Will Be No Part of Your Estate Distributed to Charities That You Support
If you want to give money to your church or a local hospital, you must make a specific gift in your Will.
You Have No Say in Who Will Be the Guardian of Your Minor Children
If your child does not have another active parent, grandparents may disagree, or your children may be split between households. Without your input, the court will make the decision.
If You Don’t Have Any Relatives, the Ontario Government Will Have Your Fortune
Remember that common-law spouses, longtime best friends, and unadopted stepchildren are not considered next-of-kin. The Public Guardian & Trustee will be appointed to administer your estate and seize your property.
Making a Will does not have to be expensive, and it does not have to take a long time. More significantly, the cost of failing to do so can be high. So, no matter how you go about it or which lawyer you hire to assist you, make it a priority because there is a point at which it is too late to prepare a Will.
Don’t know how to write a will? Consider the help of a trusted attorney in Ontario. Get in touch with Ontario Wills & Estate Plans to get started with your will drafting today!