Protect Your Loved Ones…

Posted by pmmpa on July 23, 2014 · Leave a Comment

Without a Will, your property will be divided according to government laws, which may not be in accordance with your wishes. Your children may also end up with someone less than ideal. And since you don’t have a say on who gets your property, you won’t be able to make specific gifts of cash, personal property, real estate, etc. to particular individuals or organizations either. Your loved ones may get involved in court battles concerning the validity of your Will (if you have an invalid / out-of-date Will) or what happens to your property and kids when you pass away.

How the Will-O-Matic reduces the likelihood of court battles

If you have a Will but did not enter into it properly, it may be challenged. For example, if you don’t have sufficient mental capacity at the time of making a Will, then it is invalid. Your Will – or part of it – is also invalid if you included something (e.g. a gift to someone) as a result of fraud or pressure or mistake. If you write your Will and then get married, your Will is automatically revoked. That is, unless your Will is made in contemplation of your marriage to that specific person. If you sign your Will without two (2) witnesses, then your Will is invalid. And if your witnesses are also beneficiaries (i.e. persons you give gifts to in the Will) or the spouses of beneficiaries, then gifts to them will be void. Any change made to your Will after it has executed (i.e. signed and witnessed) is invalid unless it is executed in the same manner as the Will. If you lose your Will, then when you die you will be presumed to have revoked it! Finally, if you give a gift of real or personal property to someone in your Will but don’t own that property at the time of your death, then that person generally won’t receive anything! Now how many Will Kits are out there that adequately educate you along the way and afterwards to help you ensure that you don’t invalidate your Will? You guessed it: not many!

You can help prevent court battles by using our Will-O-Matiz Wizard. We educate you along the way (throughout the questionnaire and in the comprehensive eBook that comes with your Will) so that you understand how Wills can be challenged and therefore doing everything within your power to prevent that. A little education goes a long way!

Ontario

If someone dies without a Will in Ontario, their property will be divided according to the rules set out in the Succession Law Reform Act. There is a standard procedure which divides property according to family relationships. Here are some of those rules:

If a person dies without a Will and is survived by a spouse without children, then the spouse is entitled to the property absolutely. Worth mentioning is that a spouse is generally entitled to a preferential share under the Regulations made under that Act up to the first $200,000 of the estate before it is divided among any remaining heirs. This basically means that if the estate‘s net worth is $200,000, then the spouse will be entitled to all of it!
If a person dies without a will and a spouse and one child survive, then the spouse will be entitled to their preferential share and an additional 1/2 of the residue of the estate.
If a person dies without a will and a spouse and children survive, then the spouse will be entitled to their preferential share and an additional 1/3 of the residue of the estate.
If a person dies without a will and without any spouse or children surviving, then their living parents will be entitled to the property either equally (or one of them will get it absolutely if only one is alive).
If a person dies without a will, without any spouse or children, and without any parents, then their property will be distributed equally among any living brothers and sisters (or their children).
If a person dies without a will, without any spouse or children, without any parents, and without any brothers or sisters, then their living nephews and nieces inherit an equal portion of the residue of the estate.
Finally, if a person dies and there is no surviving spouse, children, parent, brother, sister, nephew or niece, then the property ―shall be distributed among the next of kin of equal degree of consanguinity to the intestate equally without representation. If a person has no such living next of kin, then generally the estate goes to the government.

With respect to your minor children, a person can name someone in their Will to be the “Custodian” for their minor children and “Guardian” of their property: see section 61 of the Children’s Law Reform Act, R.S.O. 1990, c C.12. You can also give the Estate Trustee powers to pay him or her. A parent is not automatically the Guardian of his or her child‘s property. It is important to note that, whoever is named in your Will as the Custodian and Guardian can only act as such for 90 days from the date of the Testator / Testatrix‘s death: section 61(7) of the Children’s Law Reform Act. During that period, they should apply to the Court for an order formally appointing them as the Custody and Guardian of the Testator / Testatrix‘s minor or disabled children. Also worth mentioning is that, if your and your spouse‘s appointed Custodian and Guardian are different people, then the Will of the last person to die (i.e. you or your spouse) governs.

Peace of Mind Starts HERE:

To create your own Will or Dual Wills (and don’t forget about creating your Powers of Attorney too!), just click on the image below:

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