Buying a home is one of the main reasons that should lead you to getting a will, since when you acquire a large asset you want to protect it. Another important reason is the birth of a child. By preparing a valid will, you determine how your estate will be divided and distributed. Your estate includes what you own and what you owe. If you don’t have a will, the laws of Ontario will determine how your estate is divided. When a person dies without a will, the Succession Law Reform Act sets out how an estate is distributed. Generally, the first $200,000 is given to the deceased person’s spouse and anything above that is shared between the spouse and the children. Things get very complicated if you die without a will and have a common law spouse and/or a blended family because common law spouses don’t have similar rights. It therefore provides you with peace of mind to have a valid will drafted so as to not burden your family with additional stress and problems at the time of your death.
Buying a home is one of the main reasons that should lead you to getting a will, since when you acquire a large asset you want to protect it. Another important reason is the birth of a child. By preparing a valid will, you determine how your estate will be divided and distributed. Your estate includes what you own and what you owe. If you don’t have a will, the laws of Ontario will determine how your estate is divided. When a person dies without a will, the Succession Law Reform Act sets out how an estate is distributed. Generally, the first $200,000 is given to the deceased person’s spouse and anything above that is shared between the spouse and the children. Things get very complicated if you die without a will and have a common law spouse and/or a blended family because common law spouses don’t have similar rights. It therefore provides you with peace of mind to have a valid will drafted so as to not burden your family with additional stress and problems at the time of your death.
