Many of us make lofty resolutions every New Year’s, whether it’s regarding our health, finances, careers or other personal goals. Sometimes we stick to them, and other times…not so much! However, here’s one resolution you can make that’s not only important for you and your loved ones, but it’s easy to stick to: Drafting your will.
It’s true. Having your Last Will and Testament legally drafted will put your mind at ease when it comes to protecting your property, assets and your family. While we generally don’t like thinking about our own death, getting this important task off your ‘to do’ list will provide quite a bit of relief. You can outline your wishes for your estate distribution, assign guardians for your dependent children, and select an executor and/or trustee to manage your estate and ensure that the details in your will are carried out.
Dying without a will
In Ontario, dying without a will (called ‘dying intestate’) means that the courts will assign an executor to manage your estate and divide up your property based on the specifics listed in the Succession Law Reform Act, which may or may not work out in your loved ones’ favour. For instance, your legal spouse is entitled to the first $200,000 of your estate, after all taxes, debts, fees, etc. have been paid. From there, the remaining estate is shared between the spouse and legal dependants. In situations where there is a common-law spouse, he or she would not be entitled to inherit anything under this Act. Further, the executor selected could, in fact, be someone whom you would not have wanted in that role. The entire process to manage these intestate cases is very costly, drawn-out and can naturally be quite draining on those you’ve left behind.
Having an old will that hasn’t been updated
Life happens! We get married, divorced, re-married, live common-law, have children, adopt children, lose loved ones, gain or lose assets, and so on. If you have an old will, be sure to dust it off and have a good look at it. Does it still make sense to leave it as is? Most likely, you may have to update it to add, remove or edit a few things to make it legally binding and reflective of your new situation.
Getting a will – what’s the process?
You’ll be pleased to know that having your Last Will and Testament drafted is fairly straightforward and affordable. All you have to do is visit with a lawyer who specializes in estate planning and from there, you’ll get all the information you need to move forward. The hardest part is often selecting (and asking) those who will act as your executor/trustee and guardian of your children. At this time, you can also think about your living will and Power of Attorney, and outline your care preferences and wishes to be followed if you ever become physically or mentally unable to do so yourself. After the process has been explained, you’ve received some sound legal advice, and you’ve made your decisions, then you’re ready to have your will finalized, witnessed and signed.
Don’t let another year slip past without taking the essential step to draft your will and carefully plan your estate. It’s not just to protect your loved ones or assets, it’s to help make life easier on everyone after you pass. Make it a resolution today to call us at Ares Law in Parry Sound at (705) 746-6444. Wills and estate law is our speciality, and you’ll be in good hands with our experienced legal team. We wish you a very happy, healthy and prosperous new year and we look forward to meeting you.
