Wills
What is A Will?
A will is a legal document made by you to take effect upon your death. It gives instructions about how your affairs are to be handled by your Executor after your death and directs how your assets are to be divided among the persons you name.
Why Do You Need a Will?
It is the only real way of making sure that when you die, matters regarding your estate will be carried out according to your wishes. A Will may serve various functions, such as:
- Appointing a personal representative Executor to look after your affairs after your death
- Avoiding provincial laws which automatically determine who receives your Estate if you die without a will (intestate).
- Appoint a Guardian for any of your children under the age of 19.
If a person dies without a Will their assets are then distributed according to the Estate Administration Act
- Without a legal will, your spouse may receive less than you intended.
- The court will decide how to divide your estate.
- The court may also decide who is to provide guardianship and care for your minor child(ren).
- The court will appoint an Executor and your estate may be charged a fee that can be in the thousands of dollars.
- Without a legal Will your Estate may be subjected to higher taxes.
Important Points
Who Can Make a Will?
Person 19 years old unless they have been legally married or an active member in the Armed Forces.
Does every Will have to Name an Executor?
No, but it is recommended. If an executor is not named, someone may have to apply to the court as administrator to handle all probate issues.
Can a Will be Changed?
No, but you may make a separate document, called a codicil, which must be signed and witnessed like the original will. Do not erase, cross out or otherwise alter the original will. If you want to make major changes, it may be necessary to make an entirely new will.
What happens to my Will if I get Married or Divorced?
Your Will is automatically revoked when you get married, unless it states that it is being made in contemplation of marriage. If your leave something in your Will to your spouse or appoint your spouse as executor, and are subsequently divorced, the will stands; however, the gift or appointment to your spouse will lapse and the Will read as if the spouse predeceased the testator ( One who makes or has made a will; one who dies leaving a will).
Do all Wills and Estates have to be Probated?
No, estates may be carried out without a Grant of Probate when all assets (for example, real estate and bank accounts) are jointly held with another person. RRSPs, pensions and insurance policies with a named beneficiary do not form part of the estate and will usually transfer directly to the survivor or named beneficiary.
What is Probate?
A “Probate Court” is a name given to the court that has the right to ratify wills.
What if I want to contest a will?
If you are considering such an application, consult a lawyer promptly as the application may be time sensitive.
Disposition Of Property
If you have a spouse or a child, it may be necessary for you to make adequate provision for that person in your will. If you do not make that provision under the Wills Variation Act your estate may be involved in litigation after your death.
Remember laws are always being amended so get legal advice for your particular situation.
If you require additional information about wills or need to consult a lawyer we would be pleased to assist you so please contact us.