Financial Consultant

" NO FAMILY LEFT BEHIND "
" NO FAMILY LEFT BEHIND "
" NO FAMILY LEFT BEHIND "

Importance of Will

A ‘WILL’  is a legal document that says how someone want his/her estate to be divided after death.

Provinces and territories set the laws for estates.

The important questions are,

  • What happens if someone dies without a will?
  • What happens to children , if they are minor?
  • Who will take care of children?
  • What are the tax implications on properties including the primary residence?
  • How can pass properties to next generation in tax-efficient way?

Every individual must have clear knowledge about “ESTATE PLANNING”

A ‘WILL’  is a legal document that says how you want your estate to be divided once you die. Your estate includes what you own (called assets) and what you owe (called liabilities).

Provinces and territories set the laws for estates.

You know what, the day somebody dies, that day is considered as he filed his final tax returns. And it is considered as he sold all his properties at market fair value. All his accounts will be withdrawn. Then debts and taxes calculated and rest goes to beneficiaries if there is a legal Will.

If you die without a ‘Will’, the law says that you have died “intestate,” which means that you left no instructions as to how your property is to be divided and distributed. In these circumstances, the Ontario Succession Law Reform Act governs how your property will be distributed to your surviving relatives. 

  • Must undergo a legal process called “Probate” to determine how his estate to be divided.
  • “Probate” is done by the state and it is not free.
  • The probate fee will be taken from the estate and it is time consuming process.
Who will Take Care Of My Children?

If your minor dependent children don’t have another surviving parent, the court will decide on a guardian for your young children. This person gains all of the rights and responsibilities of a parent and it may not be the person you believe will do the best job. Your kid’s inheritance will be held in a trust (Foster care) until they reach the age of majority (18 or 19 years of age depending on the province).