Your Will does much more than transfer your assets. Your Will also allows you to:
- Choose who will look after your children.
- Choose your beneficiaries.
- Select the executor and/or trustee of your estate.
- Direct when and how your assets will be distributed.
- Structure the distribution of your estate to minimize tax implications.
If you die without a will (intestate), the administration of your estate is complicated by the fact that you have not appointed an executor, and the court must be called upon to appoint a person to administer the estate.
If you do not have a will:
- Provincial legislation will dictate who inherits your estate.
- Your common law spouse or same-sex partner will not be considered your spouse for the division of your assets.
- Your children’s shares will be paid into Court and held until your children reach the age of eighteen. At eighteen the children will receive their share whether or not they are mature enough to manage them.
- There is no flexibility to set up trusts for children or to consider any special needs of dependent family members.
- You cannot select the executor of your will. The person who fills this role will be appointed by the court.
Need more information? Contact us at wills@sutherlandlaw.ca