Many of us make lofty resolutions every New Year\u2019s, whether it\u2019s regarding our health, finances, careers or other personal goals. Sometimes we stick to them, and other times\u2026not so much! However, here\u2019s one resolution you can make that\u2019s not only important for you and your loved ones, but it\u2019s easy to stick to: Drafting your will.<\/p>\n\n\n\n
It\u2019s 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\u2019t like thinking about our own death, getting this important task off your \u2018to do\u2019 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. <\/p>\n\n\n\n
Dying without a will<\/strong><\/p>\n\n\n\n In Ontario, dying without a will (called \u2018dying intestate\u2019) 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\u2019 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\u2019ve left behind. <\/p>\n\n\n\n