Having a properly constructed Will is considered to be one of the first and most important tools when it comes to protecting one’s family and assets, reducing the amount of tax owed by one’s estate, and building a solid succession plan for one’s business after death.
If you are among the 51% of Canadians who hasn’t put much importance on Estate Planning, you should be asking yourself “I live and work in Ontario, what actually happens if I die without a Will?”
When this happens, it is called an intestacy. If you are like most people who are survived by family after they pass on, then the Succession Law Reform Act automatically determines that your estate and assets will be divided to those family members based on a standard procedure and set of rules. However, if you do not have a family, or more importantly, if you have specific desires as to how things are to be left, then preparing a Will and Powers of Attorney is crucial to creating certainty in outlining your last wishes. Also, if you own your own business, not having a Will can throw the whole operation into question. Essentially, your business’s assets would revert to your estate and become subject to the same generic rules and regulations as used for your personal belongings, including being exposed to Probate taxation. By the way, even if you verbally ask someone to be your executor, without a legal Will that person will need to go through the process of applying to the relevant court in order to be officially appointed as the Estate Trustee, which is something that will cost both time and money. One reason many people hesitate to get their Wills done is because they think their personal situations are simple and that government regulations will appropriately handle the distribution of their assets. However, once they start to have meaningful conversations about their final intentions, they come to realize that there is a lot more to take into consideration than they initially thought. It is important to utilize the expertise of both tax consultants and legal professionals to develop an estate plan and insure that it is executed properly.
Contact Carson Law today to help you with the creation of your Will and Powers of Attorney.
905.336.8940 | info@carsonlaw.ca
Your Future Is Our Focus
Be sure to check out the below video which goes into more detail about what happens to bank and business accounts after death → https://youtu.be/-iW0ureslRg