No Last Will and Testament? Or perhaps you have one, but it hasn’t been updated for years? What could be the problem you say? You’ll be gone anyways, right? But if you’re thinking like that, then you’ll be leaving a heap of trouble for your loved ones.
First, if you don’t give specific gifts to your spouse or dependent children or grandchildren, your estate will end up paying capital gains tax (no tax deferral). Second, if you don’t specify who gets what, government rules will make that decision for you. Third, if you don’t name someone to be responsible for your estate or minor children, you leave open the possibility of legal fights (which will drain the assets that your estate is supposed to be distributing to your beneficiaries. Why would you want this to be your legacy? Fourth, if you have a professional corporation and you don’t have a corporate Will (to go along with your non-corporate Will), then your estate will be paying MORE in estate administration taxes.
Here are the government rules concerning who gets what if you die without a Will in 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:
So is there a solution? You bet! It’s called going to Dentist Legal Forms.com and getting your Will or Corporate and Non-Corporate Wills DONE NOW. Save time and money, specify who you is getting what, name someone to be responsible for your estate and your minor children and be on your way to PEACE OF MIND!
NOTE: the following information has been provided for educational purposes only and is not intended to be legal advice. If you need legal advice, contact me (Michael Carabash), David Mayzel, or Ljubica Durlovska. You can read more about us here. You can also subscribe to our weekly newsletter (top right corner of this website) and download our latest eBook entitled “Ontario Dental Law“.
David Mayzel is your legal risk manager. He is a trained courtroom lawyer and has spent many years resolving disputes both in and out of court. He knows how to prepare documents and execute transactions in a way that avoids or mitigates legal risks. He can be reached at 416.528.5280. or firstname.lastname@example.org.
Michael Carabash is your business law adviser. He is an entrepreneur at heart who helps you see the big legal picture. He drafts clear and effective agreements that protect your rights while promoting your interests. He can be reached at 647.680.9530. or email@example.com.
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