{"id":1492,"date":"2019-11-07T17:45:32","date_gmt":"2019-11-07T17:45:32","guid":{"rendered":"https:\/\/areslaw.ca\/parry-sound\/?p=1492"},"modified":"2019-11-07T17:45:42","modified_gmt":"2019-11-07T17:45:42","slug":"got-kids-make-sure-youve-got-a-will","status":"publish","type":"post","link":"https:\/\/areslaw.ca\/parry-sound\/got-kids-make-sure-youve-got-a-will\/","title":{"rendered":"Got Kids? Make Sure You\u2019ve Also Got a Will."},"content":{"rendered":"\n<p>Life can get really hectic when we have young kids,\nand one task that may slip down the priority list is drafting your last will\nand testament. However, as parents of dependent children or adult kids who\nrequire specialized care, having a will is one of the most important things you\ncan do. <\/p>\n\n\n\n<p>Having a legal will in place will help ensure that\nyour kids and their financial future are looked after according to your wishes\nif you and the other parent were to die suddenly. It\u2019s not something you want\nyour bereaved family members or the courts to sort out. <\/p>\n\n\n\n<p>These are the top questions that all parents (both\nbiological and otherwise) need to consider when contemplating their wills: <\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Who\nwill care for your kids? <\/strong><\/li><\/ol>\n\n\n\n<p>For anyone with dependent children, it\u2019s important to\nselect a guardian who can care for them in the event of your death if there is\nno other parent to look after them. This person (or persons) should be someone\nwhom you have carefully considered for the role and who has agreed to take on\nthis responsibility. <\/p>\n\n\n\n<p>If you have children under the age of 18 and you die\nwithout a will, here\u2019s what happens in Ontario. The province will first attempt\nto appoint a suitable family member to act as guardian, but failing that, the\nchildren may be put into the care of the Children\u2019s Aid Society in hopes that a\nguardian can be found. They could wind up being moved around between various\nhomes until a more permanent solution is in place. Further, without a will,\nyour assets may be frozen or inaccessible while your estate is being sorted\nout, leaving others to support your dependents.&nbsp;\n<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>How\nare assets disbursed? <\/strong><\/li><\/ul>\n\n\n\n<p>When you have a legal will, your assets are typically distributed\naccording to your wishes. The person you named as trustee or executor will be\nin charge of ensuring that your debts are paid and that your assets go to the\nbeneficiaries named. Within your will, you have a lot of room to make sure your\nkids are cared for \u2013 even into young adulthood. For example, you can put your\nassets in a trust fund until they are a more mature age to manage it, or you\ncan request that their education savings are administered in a particular way.\nBe sure to consult with your financial planner and\/or estate lawyer before\nfinalizing your will to make sure you have covered your bases carefully in\nproviding for your children. <\/p>\n\n\n\n<p>When there is no will in place, things naturally get\ncomplicated. The management of your estate no matter how small or large will be\nassigned by the courts to your closest relative, which may be a spouse, parent,\nsibling, cousin etc. Just stop and ask yourself if there\u2019s someone in your\nfamily whom you don\u2019t want in charge of your money\u2026most people can think of a\nfew! If there is no family available, a legally appointed trustee will disperse\nyour assets according to the law, which will allocate it to your legal spouse (if\nalive) and biological children. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>How\ndoes it work if there\u2019s a blended family or a couple has split up? <\/strong><\/li><\/ul>\n\n\n\n<p>In Canadian society, there are all sorts of families\nbeyond the \u2018nuclear\u2019 family of 2 parents and their biological or legally\nadopted kids. However, in the eyes of the law, there are several grey areas\nwhere asset distribution for your loved ones may fall short without a will in\nplace. For example, if you are separated and now have a common-law spouse, your\n\u2018ex\u2019 or estranged spouse may still be considered your beneficiary if you don\u2019t\nhave a current will to state otherwise. You may also have step-children who you\nwant to provide for, but without a will, they may be omitted from having access\nto your estate. <\/p>\n\n\n\n<p>As\nyou can imagine, not having a will (or having an outdated one that doesn\u2019t\nreflect your current situation), can wreak havoc on your loved ones in the\nevent of an unexpected death. The administrative and financial hassles alone\nare very trying, not to mention the emotional ordeal of making sure the kids\nare well cared for. When you have children, one of the best things you can do\nis to look out for them even after your death by drafting up your will. You can\nhave a say in how they are cared for, by whom, while assigning your hard-earned\nassets to support them. <\/p>\n\n\n\n<p>At Ares Law, it\u2019s our job to help ease your mind when it comes to preparing your last will and testament. Estate planning is our speciality, so be sure to connect with our legal team today by calling our Parry Sound office at <a href=\"tel:7057466444\">(705) 746-6444<\/a>. Let\u2019s get started, we\u2019re here to help ease your mind. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Life can get really hectic when we have young kids, and one task that may slip down the priority list is drafting your last will and testament. However, as parents of dependent children or adult kids who require specialized care, having a will is one&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[177,180,96,64,175,176,179,181,106,178,60],"class_list":["post-1492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-estate","tag-estate-law","tag-estate-lawyer","tag-estate-planning","tag-estate-trustee","tag-executor","tag-last-will-and-testament","tag-legal-advice","tag-parry-sound","tag-will","tag-wills"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Got Kids? 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