Preparing for what will happen to your estate after you die can be uncomfortable; however, estate planning is an important chance to secure your family’s future. Your Will is a legal document that outlines your final wishes and how your assets should be distributed after your death. In Canada, if you die without a legal will, your assets will be dealt with according to the intestacy laws of the province you live in.
What Happens If You Don’t Have a Legal Will?
Without a legal will, your estate will go through the probate process, which can be time-consuming and expensive. Your family could experience delays and additional costs that reduce the size of your estate.
If you have minor children, the court may appoint guardians for your children, potentially choosing someone you wouldn’t, who may not be able to financially and emotionally provide for your children as you envisioned.
If you have minor children, the court may appoint guardians for your children, potentially choosing someone you wouldn’t, who may not be able to financially and emotionally provide for your children as you envisioned.
List itHaving a wills and estates lawyer in Brampton draft your Will ensures that it meets legal requirements and gives you peace of mind, knowing that your wishes will be fulfilled with minimal challenges. em
Requirements for a Will to Be Considered Legal
There are basic requirements for a Will to be considered legal in Ontario. The person making the Will, known as the testator, must be at least 18 years old, be of sound mind and the testator must make their expressed wishes free from undue influence or duress. The Will must be signed at the end of the Will by the testator and at least two witnesses. A witness cannot be a beneficiary or the married spouse of a beneficiary.
The testator must have the testamentary capacity to make the Will, meaning they understand the nature and extent of their assets, the people who may have a claim to their estate and the effect of making the Will.
If the testator has any previous Wills, the most recent Will must revoke all prior Wills and codicils (amendments). Depending on the specific circumstances of the testator’s estate, there may be additional requirements or considerations. To ensure your Will is consistent with your wishes, it is a good idea to seek the advice of an estate administration lawyer when creating or updating it.
Requirements for a Will to Be Considered Legal
Many people make the mistake of assuming that they don’t need an estate administration lawyer. Instead, they opt for DIY options like online templates or writing their Will by hand. While these options appear convenient and inexpensive, they come with risks that can seriously affect your family.
A Wills and estates lawyer can help you avoid common mistakes that invalidate wills. Additionally, a lawyer can help you avoid language that might be misinterpreted and lead to disputes or confusion among your beneficiaries. A lawyer can also evaluate your situation, help you identify potential issues that could arise after your death and draft your Will to minimize the likelihood of conflict.
Because taxes can significantly affect your estate, an experienced Wills and estate lawyer can minimize these taxes by preparing trusts, reducing the tax burden on your estate and ensuring that your beneficiaries receive your estate as you intend.
You should review and update your Will regularly to ensure it remains current, adheres to provincial laws and reflects your wishes. That is particularly important if you experience major life changes, such as the birth of a child, marriage or divorce, all of which can impact estate planning. Your Wills and estates lawyer will advise you on the necessary changes and ensure your Will is legally binding.
At GS Brar Law, our experienced estate administration lawyers Will ensure your instructions are followed and your assets are distributed according to you.
