Our Wills and Estates Lawyers Successfully Review Your Future Plans. Call Us To Discuss Today.
A Law Firm. You Can Trust.
CALL US (647) 607-7529
Why do you need a Will?
A Will allows you to do many things, such as suggest what you wish to have done with your remains (cremation, burial, type of service, gathering, donation of organs to science, etc.), to appoint the person(s) that you feel would be best qualified to manage your estate, and would be best able to follow the instructions that you have set out in your Will (Estate Trustee), to make certain that whatever you leave behind will go exactly where you want it to, rather than as the government mandates.
The Succession Law Reform Act in Ontario, sets out the procedures for dealing with the affairs of people who have died without a Will, including specifying who is entitled to receive the deceased's assets. Under the Act, if you are married and die intestate, your spouse will be entitled to whatever you have to a total of $200,000. If you have more than $200,000 in assets, and have children, your children will share equally in the excess over that initial $200,000. If you do not have a spouse, or children, then the Act provides that other blood relatives, such as parents, brothers and sisters, cousins, etc., who will be granted shares in your estate, although they will require a court order to act. In your Will, you can also protect what you leave to a married child, or other beneficiary, from being subject to division or sharing with their spouse if they subsequently separate or divorce. This is commonly called the Family Law Act clause.
There are certain life triggering events that provide a reason to get a properly drafted will. If you get married, any wills made before marriage become invalidated and a new one should be drafted. If you purchase a home, this will reflect a huge change in the value of your estate necessitating the importance of reviewing who your beneficiaries will be for your estate. When you start a business, you should also know that there is a secondary will, or corporate will. In a corporate will, the estate administration taxes owed by your personal estate may be shielded. Lastly, when you have children, it is important to recognize a few things. For example, there may be a need for a guardian where your children are under the age of 18 years, or else legislation will dictate who will care for your children. There are other relevant factors, such as children with special needs, who require certain care as they mature into adulthood. You need a skilled wills and estates lawyer to organize and understand your specific needs as a family.
At Scardicchio Law Office Professional Corporation, our lawyers have the skills and knowledge to help you secure your future with a properly drafted Will. Call us to discuss your plans. We are here to help.