A new year and a brand-new decade is upon us; just think of the possibilities we have to look forward to! However, a new year usually means we take a bit of time to set personal, career or financial goals or resolutions, but there’s one, in particular, that should be way up there on the list of priorities; drafting or updating your will.
We all have items on our to-do list that are less than exciting, such as getting the furnace inspected, winter tires put on, or that overdue visit to the dentist. When we neglect these things, they can become larger time-consuming and costly headaches down the road. Not having an estate plan is very much the same. You want to know that your rights and wishes are followed and your assets are protected if the unthinkable were to happen. Let’s look at why you need a will and what’s involved in the process:
If you already have a will but it was drafted up a long time ago
If you drafted up your will some time ago, but things have changed within your personal, financial or family life, then you need to re-visit it and update it. For example, your trustee and/or a beneficiary or two named in your will may have passed away or become estranged, so a new will is needed in those instances. Any new additions to your family (especially children or a new spouse) will need to be included in your will as well. Don’t forget too that you may have accumulated or lost assets since the last time your will was drafted, so accounting for those would be a wise move. The bottom line is to update your will after any major life changes.
What happens if you die without a will?
When you die without a will in Ontario, things become complicated. The division of your estate falls under Ontario’s Succession Law Reform Act which has very specific rules. For example, if you are legally married, the first $200,000 of your estate (after all taxes, debts, fees, etc. have been paid) will go to your spouse (unless a dependent makes a claim). After that amount, the remaining estate is shared between the spouse and dependants. There are several other rules that can cause confusion and difficulty for families, such as in cases where there is a common-law spouse who would inherit nothing under this Act. The process for the courts to assign an executor for your estate and to distribute your assets can be time-consuming, costly and an overall harrowing experience for your loved ones.
What’s involved with getting a will?
Getting a will drafted is surprisingly simple. Book an appointment with a reputable law firm that specializes in wills and estates. They will thoroughly explain the process which includes how to go about choosing an executor, trustee, and/or guardian for your children. They will also tell you about Living Wills and Power of Attorney and how to outline your wishes for your care if you become ill, disabled, or become unable to communicate your wishes regarding your treatment. From there, you can take some time to make those decisions carefully, then come back to get it legally drafted, witnessed and signed. File your will somewhere safe, and tell your executor where you keep it.
Make this year the year that you finally get your will drafted or updated. Planning your estate is an essential step to properly protect your family and your hard-earned assets and to make sure that your wishes will be fulfilled upon your passing. Here at Ares Law, our experienced legal team specializes in working with families in Muskoka to plan their estate. Connect with us today at (705) 645-8743 to see how we can help…and best wishes for a happy, healthy new year!
