“In Ontario, common-law spouses don’t have estate rights,” says Nachla. Things get more complicated if you die without a will and you have a common-law spouse and/or a blended family. Few parents want their kids to have access to their entire inheritance at that age, and writing a will ensures that they won’t. If you don’t have a will, and your kids are under the age of majority, their money will be held in a trust, managed by a trust administrator, an executor or your children’s guardian-more on that below-only until they reach the age of majority. Your executor can release some or all of the estate trust funds earlier, but he or she is required to release all estate trust funds on the birthday you specify as the age of inheritance in your will. Nachla usually recommends erring on the side of caution and leaning toward 25. In your will, you choose the age at which the estate will be released to your kids most people choose an age from 21 to 25. It’s only if both spouses die that they then divide everything among the kids.” “Ninety-nine per cent of couples who come to our office to do spousal wills override the law and give everything to their spouse. “In Canada, we’re allowed to override what the law says,” says Nachla. If you have a different plan in mind, you need to state that in a will. For everything else, if you are married with kids and you die without a will, the first $200,000 of your estate plus one-third goes to your spouse, and the other two-thirds is divided among your children equally. If you die without a will, your estate will be divided and distributed according to the laws of your province or territory.įor example, in Ontario, anything you own jointly with someone (such as your family home) automatically goes to the co-owner (usually your spouse/partner). ![]() You can also specify your preferences for your funeral arrangements. ![]() If you include a guardianship clause, you can also appoint a guardian for your underage children. What is a will?Ī will is a legal document that explains how you want your estate to be divided when you die. This article does not constitute legal advice-you should always consult a lawyer where you live to seek out advice that’s right for you. Note: The information provided applies only to people living in Canada and may vary from province to province. We talked to Eleanor Carlson, a lawyer at Carbert Waite LLP in Calgary, and Dorisa Nachla, a barrister and solicitor and founder of Nachla Law Office in Oakville, Ontario, to learn more about wills-and what happens if you die without a will. ![]() Preparing a will ensures that your wishes-both for your children and your estate-will be known and, assuming you have fulfilled your legal obligations, followed. If you were to die suddenly, what would happen to your kids? This is a scenario no parent wants to think about, but preparing for it could spare your family a great deal of delay, expense and even conflict as they navigate their new reality without you. There are also online will services to consider, such as Willful. Some lawyers are still able to help you create a will during the pandemic. ![]() Note, April 9, 2020: Many parents are thinking about their wills more than ever due to the COVID-19 pandemic.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |