If you own property of any kind, you need a “Last Will and Testament” (also known more simply as a “Will”) to set out your wishes with respect to how your property should be distributed when you pass away. A Will is a key to ensuring your wishes are carried out in the way that you originally intended.
What Happens Without a Will?
Without a Will, your estate may be in limbo upon your death until either the government or a person (not necessarily someone you would choose) is appointed as estate trustee to look after your assets. This may result in delays, further expenses, and/or other complications.
Furthermore, without a Will clearly stating who you want your beneficiaries to be and what they are entitled to, Ontario’s Succession Law Reform Act sets out a default scheme for who the estate will be distributed to as well as the percentage/monetary allocations.
If you have young children and/or other dependants, a Will is also considered very important in setting out your wishes for those individuals (for example, choosing guardians for your children) instead of leaving that decision solely to the court’s or other’s discretion.
Protection at a Minimal Cost
Although it is normal for people to delay in preparing a Will, you should consider preparing a Will for the above-noted reasons. Ultimately, you will want to make sure your loved ones are adequately provided for and protected so that they can live comfortably after you have passed away. Moreover, the fee (charged by our law office) will be very small in comparison to the additional costs that can be incurred in administering an estate where there is no Will, and the estates process will likely be more difficult to resolve for your loved ones.
Distribution of Assets
At Seif Law Firm, our focus is on ensuring that your Will accurately reflects how you wish for your assets to be distributed at the time of your death.
There are a variety of possible distribution schemes. For example, in a Joint Will signed by a husband and wife, they may designate that the deceased spouse will leave everything to the surviving spouse at the time of their death. However, if both spouses die at the same time in a common accident, they may then designate all assets are left to the children in equal shares and to be held in trust until they reach a certain age or become adults. Of course, this is merely an example of a possible distribution scheme, and you are free to choose the distribution scheme that works best for you.
Contact Us Today!
If you are interested in retaining our legal services, please contact us today for a free, no-obligation quote for your Will(s).