Why Should You Prepare A Will Before You Die?

Many people may feel that having a Will is only important for when they grow old. Others believe that a Will is not required if the person doesn't own a house or care about who inherits the estate after they die. On the contrary, having a Will is a fundamental plan for each individual, as someone needs to be named to handle the debts, arrange the funeral, and file the last tax returns.

In the legal content, an estate covers all of the real and personal property including, but not limited to, land, buildings, jewelry, furniture, and bank accounts. Once a person dies without a Will or a valid Will, the law refers to that person as “Intestate”. Dying intestate in Ontario means that the courts has all the power to decide who is the executor and how to distribute the estate without knowing the last wishes you would have loved to keep for your loved ones.

1. Who Will Be the Executor if you Die Without a Valid Will?

Section 29 of the Estate Act points out who will manage your estate as trustee/executor where a person dies intestate. In this case, the administration of the property of the deceased may be committed by the Superior Court of Justice to a married spouse, a person with whom the deceased was living in a conjugal relationship outside marriage immediately before the death, the next of kin, or a combination of these individuals. The court will choose the most appropriate person according to the circumstances. It means that the decision is ultimately at the discretion of the court to appoint an executor and that leaves them in an uncertain situation until the decision. You can help your family avoid this lengthy and expensive process by drafting a Will.

2. How Your Estate Will Be Distributed if you Die without a Valid Will?

Ontario's Succession Law Reform Act sheds light on how the estate will be distributed if you don’t have a Will. It will mostly depend on whether you are married or not married, and how many children you have. The law provides that only your legally married spouse and biological and adopted children at the time of death have a right to inherit your property. Common-law spouse, stepchildren, other family members like a grandchild, non-relatives like a friend or neighbor, or organizations such as charities will not inherit.

Seeking Professional Guidance for your Will

Preparing a professional valid Will is one of the ways to avoid the debacles discussed above. The the safest way to meet with a qualified lawyer who will thoroughly draft your Will to clearly indicate, among other important things, your executors and beneficiaries. Our team of experienced lawyers is happy to assist you through every step of this process. Contact us now.