You are never too early to make your Will in Ontario.
Having said that, according to an Angus Reid Institute poll from 2017, more than half of Canadians don’t have a last will and testament.
Of that group, 18 percent cited cost as the main reason they hadn’t written a will, while 5 percent answered that it’s too time-consuming.
Even if your situation is straightforward, it is important to get it down in writing in the event of an unexpected death.
Below is your guide on how to make a Will in Ontario.
How To Draft a Will in Ontario
- Learn, understand, and decide the type of Will you’d like to make.
- Choose your Executor, who will be the person or people appointed by the testator to administer your Will.
- Select the beneficiaries of your Will.
- Designate a guardian for any dependent children and any pets.
- List any final wishes.
- Print your Will and get it properly signed and witnessed.
How to Choose Who Your Estate Representative Is
An Estate Representative is a person you choose to manage your estate after your death. An Estate Representative may also be called an Executor, an Estate Trustee.
You can name more than one person as your Estate Representative. The Estate Representative follows the instructions you left in your Will.
When to Start Funeral Planning
There is no right or wrong answer when deciding how early to start pre-planning your funeral and interment choice.
However, it is always better to start your pre-paid funeral plans as soon as possible for several reasons, including:
- Communicating your final wishes
- Reducing stress for friends and family at an already emotional time
- Relieving your loved ones of the financial responsibility
What Happens When Someone Passes Away Without a Will?
Many people mistakenly think that the government takes your assets and estate if you die without a will. This is not true.
There are laws that guide what happens when someone dies without a Will. Typically when someone does pass away a close relative must apply to the court in order to be appointed as the estate trustee.
If there is a dispute as to who should be appointed the matter must be referred to a judge to determine the most appropriate person to act as estate trustee.
The estate is then divided amongst the next of kin, in a specific order according to the Succession Law Reform Act.
In all cases, an estate is subject to Probate Taxes of approximately 1.5% of the value of the estate.
Conclusion
If you have any questions about drafting a Will or want to create one yourself, please feel free to reach out and book an appointment to discuss.
Feel free to call our office today to book a free 30-minute consultation.
This blog is made available by the law firm publisher, Epstein & Associates, for educational purposes. It provides general information and a general understanding of the law but does not provide specific legal advice. Any specific questions about your legal concerns please contact us now and speak to an expert today.