Many Ontarians put off estate planning, not realizing the consequences of dying intestate. We break down why a will is essential and what happens without one.
Many Ontarians delay creating a will, often because they believe it's something that can be done 'later' or that they don't have enough assets to warrant one. This is one of the most common — and costly — misconceptions in estate planning.
Dying without a will (dying intestate) means that Ontario's Succession Law Reform Act determines how your assets are distributed, regardless of what you would have wanted. The government's formula may not reflect your wishes, and it can create significant complications for your family.
For example, if you're in a common-law relationship, your partner has no automatic right to inherit under Ontario's intestacy rules, regardless of how long you've been together. Only married spouses and blood relatives have rights under the provincial formula.
A will also allows you to name a guardian for your minor children, choose an executor you trust to administer your estate, and plan for the distribution of specific assets — from family heirlooms to business interests.
Estate planning doesn't have to be complicated. A straightforward will, along with powers of attorney for property and personal care, provides a comprehensive foundation that protects you and the people you care about most.
Aura LLP
This article is for informational purposes only and does not constitute legal advice. Please consult a qualified lawyer for advice specific to your situation.
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