Wills

You should have a will regardless of whether you have a spouse, children, or own many assets. Regardless of the assets you have when you die, someone has to make your funeral arrangements, pay your debts, and file your final tax return. A will not only declares what will happen to your property when you die, it also empowers the estate trustee to make decisions about your funeral, pay your debts, and file your final tax return. 

If you die without a will, Ontario's intestacy rules will apply and the persons you thought would get your property may get more or less than you intended. They may get nothing at all. This especially is true for common-law partners, extended family members such as nieces or nephews, stepchildren, friends, and organizations such as charities. 

A will is a written, legal document that indicates a person's wishes for how their estate should be handled and distributed after their death. The 'estate' is the legal term for the property that a person owns or has a legal interest in when they die. The estate includes a person's assets, including cash and money in a bank account; investments and savings accounts; homes and other real estate; personal property such as vehicles, clothing, jewelry, furniture, and household items; and pets. The estate also includes a person's liabilities that remain when the person dies such as mortgages, lines of credit, credit card balances, bank or vehicle loans, and taxes. The 'testator' is the legal term for the person with a will. The 'beneficiary' or 'beneficiaries' are the persons or organizations who inherit the estate after the testator dies. The 'estate trustee', often referred to as the 'executor', is the person who will be responsible for following the testator's directions contained in their will. 

If you would like to have a will, you should consider who will be your estate trustee, and who will take their place if they die before you. You should consider who will be your beneficiary or beneficiaries that will inherit your estate, and whether you want to give specific property to a certain person or organization. If you have children under 18 years old, you should consider who will care for them and who will manage the money and other property they inherit from the estate. In your will, you may indicate your funeral wishes, but please be aware that generally they are not legally binding.

If you already have a will, you should review it every few years to consider whether it needs to be updated due to changes in your life or wishes. Common circumstances in which a person should review their will is if they get married; get separated or divorced; begin or end a common-law relationship; become a parent; or experience a significant change in their financial situation, such as purchasing or selling a home, contributing more or less to their savings or investments, or taking on debt. You should review your will if your estate trustee has died or you no longer want them to be responsible for administering your estate. You should also review your will if you want a beneficiary or beneficiaries to be added or removed from your will.

If you wish to prepare a will for the first time, or change your current will, I can help. I offer a free 20-minute phone consultation where you can inform me of your wishes and concerns, ask questions, and determine next steps. I look forward to hearing from you!