Having a properly constructed Will is considered to be one of the first and most important tools when it comes to protecting one’s family and assets, reducing the amount of tax owed by one’s estate, and building a solid succession plan for one’s business after death.
Intestate Succession
Without a Will, one dies in intestate, meaning that there are no instructions on how to deal with their estate. In cases where individuals die in intestate, the Ontario Succession Law Reform Act governs how the assets are distributed to surviving relatives. Within this article are guidelines for how those assets will be distributed.
Multiple Wills
Probate 📝
In the province of Ontario, the only individual that is legally permitted to oversee the distribution of one’s estate is referred to as the “estate trustee”. The vast majority of Wills in Ontario go through the procedure of probate, with the exception of Wills where the entirety of the estate is held jointly, typically between a husband and wife. When an estate is held jointly the surviving spouse would absorb the interests of the deceased spouse, this allows the estate to steer clear of the probate process.