What is a will?
A will is a legal document that specifies how your assets are distributed, who distributes your assets and who takes care of your minor children in the event of your death.
Do I need a will?
If you own property it would be advisable for you to get a will, especially if you have children.
Benefits of having a will
1. Your assets are divided between your loved ones according to your wishes
You decide who gets your property, how and in what percentages. You can even specify who receives anything in particular, such as a ring that has been in your family for generations. Most importantly for some, you get to decide who does not get your property. If you do not have a will your property will be divided according to the law. For instance, if you have a spouse he/she would receive the first $200,000 of assets and the rest would be divided between your spouse and your children. It is important to note that your spouse can request a division of assets instead of her share under a will. This is why it is important to consult a lawyer to determine what would be the best arrangements in your case.
2. You decide how your assets are delivered
You can leave instructions in your will so that a particular beneficiary receives a share of your money over time, as opposed to all at once. This is often the case when adult children continue to be your dependents for mental of physical reasons.
3. Your loved ones save time, money and stress
If you die without a will (you die intestate), the court has to name an administrator to administer your estate and your assets are distributed according to the law, not you. When you die intestate the administration process can be time consuming, expensive and become litigious for your loved ones. Having a will helps ensure that the administration process is easier and quicker for everyone involved.
4. You can designate who takes care of your minor children
It is important to note that these arrangements are temporary. After 90 days the court must decide who will have permanent custody of your children. However, in the meantime any minor children remain in the care of someone you trust.
5. You decide who will administer your estate
The administrator takes inventory of your assets, pays your debts, and passes on your property to the beneficiaries. If you do not have a will, a loved one or a beneficiary would need to apply to the court to be appointed as the administrator of your estate. This can take time and it can be expensive. If no one applies, the court appoints a public trustee.
6. You can help make sure that your loved ones get a share of your assets
If you do not have a will your assets are distributed according to the law. In such a case, spouses and children are given preferential treatment. It is only when you do not have spouse or children that any remaining relatives would receive a share from your estate, giving preference to relatives closer to you. If you have a will you decide who receives a share of your estate and who does not “according to your wishes”. Friends, charities and even pets could receive a share of your assets if that is what you wish.
7. You help ensure that your loved ones receive your assets more quickly and easily
If you have a will you help reduce the amount of paperwork that your loved ones would have to deal with in a difficult time.
8. You can plan ahead how to reduce taxes on your estate
For instance, you can plan ahead and make arrangements so that your loved ones receive part of your assets directly when you die as opposed to through your estate and in this way avoid paying more taxes.
What happens if you do not have a will:
1. Your assets are distributed between your loved ones according to the law, not according to your wishes.
2. Your beneficiaries would need to go to court to settle your estate which can take time and be expensive.
3. It is more likely that your loved ones could end up fighting over your assets.
4. You do not get to decide who will take care of your children.
5. You do not get to decide who will administer your assets.
6. There is no certainty that your loved ones will receive a share of your assets.
7. Your loved ones may receive a smaller share of your assets as more taxes may be paid.
Can I just write down my wishes in a piece of paper instead of having a will drafted?
The short answer is no, for a will to be valid the following requirements must be met:
1. It must be in writing;
2. It must be signed in front of 2 witnesses who must also sign; and
3. You must be mentally competent to make a will.
There are additional considerations to take into account when drafting a will. For instance, your obligations towards your dependents, which cannot be avoided and if not taken into account your beneficiaries may not receive a share of your assets. It is also important to determine who can administer your assets and who can witness the signing of your will.
If careful planning is not taken into account your will may be deemed invalid, your beneficiaries may not receive a share of your assets or your children could not be protected when you die. It is therefore important to take the time now to plan ahead in the event of your death so that your loved ones are taken care of after your passing.
In Bonilla Legal Services we can help you draft a valid will to help ensure that your loved ones receive a portion of your assets after your passing and that your children remain protected. Most importantly, we help ensure that your assets are distributed according to your wishes.
If you have any questions or you would like to learn more about wills, please contact us by e-mail at info@bonillalegalservices.ca or through the contact form below.
EDGAR RAMOS
Barrister, Solicitor & Notary Public
Edgar Ramos, B.A. (Hons), J.D.
Edgar is a lawyer licensed in the province of Ontario, Canada who owns and operates Bonilla Legal Services.
Edgar earned his J.D. from the University of Ottawa, Faculty of Law, and graduated Summa Cum Laude from York University, where he double majored in Psychology and Criminology.
In law school and his articles Edgar focused primarily in family and immigration law and developed an excellent understanding of their practical and theoretical aspects.
Edgar is fluent in English and Spanish and is committed to completing your matter in the fastest and cheapest possible way.
Call us: 647 483-3225
Email us: info@bonillalegalservices.ca
Location: 20 Jane Street, Unit G
Toronto, Ontario, M6S 3Y2