Why You Need a Will in Ontario
Avoid Common Pitfalls and Protect Your Loved Ones . . .
Making a will might not be at the top of your to-do list, but it’s one of the most important steps you can take to protect your loved ones. A will does more than outline your wishes—it provides peace of mind for you and your family. Whether you’re creating your first will or updating an existing one, having a will in place helps your family to avoid unnecessary stress, delays, and complications.
Passing away without a will is known as dying intestate. In this situation, rather than having control over how your estate is handled and distributed, your assets will be distributed according to the laws of intestacy in Ontario, which follows a set formula based on family structure, and may not align with your wishes. Without a will, the following common issues could arise:
No Inheritance Rights for Common-Law Partners Without a Will: In Ontario, common-law partners do not automatically inherit under the Succession Law Reform Act if their partner dies intestate. Legally married spouses are entitled to a preferential share of the estate, but common-law partners are excluded from this benefit. Without a will, a surviving common-law partner would need to expend significant time and legal fees making a dependant support claim under Part V of the Succession Law Reform Act. This would be necessary to establish that the deceased common-law spouse did not make adequate provision for the support of the surviving common-law spouse.
No Control Over Guardianship: If you have minor children, there will be no clear instructions regarding who should take care of them. The court will appoint a guardian, which might not be the person you would have chosen. This could lead to a prolonged and stressful legal battle, leaving your children in the care of someone you never intended, while your family is left to navigate a difficult and uncertain process.
Potential Delays & Higher Costs: Without a will, the process of settling your estate becomes not only more complex and time-consuming but also significantly more expensive. Your loved ones could be forced to endure months, or even years, of delays while legal procedures rack up higher costs and additional stress. A lack of clear instructions could result in expensive legal battles, leaving your family with mounting fees and uncertainty during an already difficult time.
Family Disputes: The absence of clear instructions can lead to disputes among family members over asset distribution, potentially causing rifts and further delays in settling the estate. This could result in bitter conflicts and long-lasting resentment, all while your estate sits in limbo. Having a will in place ensures your wishes are clearly outlined, reducing the likelihood of conflicts and helping to preserve family harmony.
No Tax Planning: Without a will, you may miss opportunities for tax planning that could minimize the tax burden on your estate and beneficiaries. A lack of planning could result in significant taxes being owed, leaving your loved ones with less and forcing them to deal with a financial burden they never expected. A properly structured will allows for strategic planning to reduce taxes, meaning more of your estate is passed on to your loved ones.
If you don’t have a will or if it’s been years since your last update, now is the time to act. Life changes such as marriage, children, or the acquisition of new assets make it essential to revisit your will to ensure it reflects your current situation. At Gillespie Legal, we’re here to guide you through the process, providing personalized and professional service every step of the way. Contact us today to book a consultation and take the first step toward securing peace of mind for you and your loved ones.