Do I Need a Legal Will? | Diamond & Diamond Real Estate Lawyers
Personal Injury Lawyer Toronto | Car Accident Lawyer Toronto

Do I Need a Legal Will?

Why a Legal Will is Important

There are many different aspects of the estate planning process from which you can benefit from consulting directly with an estate planning lawyer, including making sure you have a legal will in place.

Many individuals may be under the impression that they do not need a legal will, but this is a basic estate planning tool that can allow you to name what will happen to your assets if you were to suddenly pass away.

The basic purpose of a will is to allow you, the creator and testator, to speak after death with regard to how your assets are distributed.

The instructions are in a written format so that others can completely understand your intentions when you are no longer around to articulate them.

After you pass away and leave your estate behind, your loved ones will be responsible for making decisions about what happens to your belongings.

If you leave these in a testamentary document such as a legal will, you can save those loved ones the frustration and time associated with legal hearings by clearly articulating your concerns.

What Happens if You Don’t Have a Legal Will in Place

In the event that you pass away without a legal will, your assets are distributed under the rules of the Succession Law Reform Act of Ontario.

These set out a hierarchy for the distribution of your individual assets based on your family’s circumstances at your death.

For example, if you are married but have no children, the estate would pass completely to your spouse.

If you are married with children, and your estate is valued less than $200,000, your estate will also pass to your spouse. If your estate is worth $200,000 and you have one child, the amount above $200,000 is split in half between your spouse and the child.

If you have more than one child and are married and your estate is worth more than $200,000 the estate is divided into equal shares for your spouse and your children.

If you have children but are not married, your estate is divided equally among your children, and if you have no children and are not married, your estate will be divided equally between your parents.

Planning ahead can help minimize the frustration for your loved ones. Make sure you set aside time to talk with our dedicated estate planning attorneys. 

Leave a Reply

 

Need a Lawyer?

We are here 24/7 to address your case. You can speak with a lawyer to request a consultation.

1-800-567-HURT

Get started with a free consultation

OUR TEAM

Get the help you deserve

1-800-567-HURT

Call NOW for a free consultation

 

Diamond & Diamond Ontario Head Office

255 Consumers Road, 5th Floor, Toronto, Ontario

>> Learn More

Diamond & Diamond Alberta Head Office

4246 97 Street NW, Unit 103, Edmonton, Alberta

>> Learn More

Diamond & Diamond British Columbia Head Office

1727 West Broadway, Suite 400, Vancouver, British Columbia

>> Learn More

Barrie

Main Office

168 Bayfield Street

Calgary

Main Office

1331 Macleod Trail SE, Suite 645

Calgary

Branch Office

2713 14 St SW

Calgary

Branch Office

600 Crowfoot Crescent NW #240

Edmonton

Head Office

4246 97 Street NW, Unit 103

London

Main Office

256 Pall Mall St, Suite 102

Oakville / Mississauga

Office

2939 Portland Drive, Suite 200

Oshawa

Consultation Office

50 Richmond Street E, Unit # 108 B

Ottawa

Main Office

955 Green Valley Crescent, Unit 315

Sudbury

Main Office

31 Larch Street, Unit 300

Surrey

Main Office

1104 – 13737 96 Ave, Surrey, BC V3V 0C6

Toronto

Head Office

255 Consumers Road, 5th Floor

Toronto

Diamond and Diamond | Real Estate Lawyers Toronto

1678 Bloor Street, Suite 302

Vancouver

Head Office

1727 West Broadway, Suite 400

Windsor

Main Office

13158 Tecumseh Rd. E. Unit 3B

Additional Areas Served

© 2021 Diamond and Diamond Lawyers LLP. All Rights Reserved.