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.
Court Discretion
As of January 1, 2022, The Ontario Superior Court of Justice has the discretion and authority to make an order validating a testamentary document that was improperly executed. The court can now interpret and decide what the testator’s intentions were for the document, such as being a will, an amendment, or the revocation of a will.
Intestate Succession
Without a Will, one dies in intestate, meaning that there are no instructions on how to deal with their estate. In cases where individuals die in intestate, the Ontario Succession Law Reform Act governs how the assets are distributed to surviving relatives. Within this article are guidelines for how those assets will be distributed.