The events of the last few years have brought into focus many important realities of life — who we are as individuals and the legacies we plan to leave behind.
Being with our families and having the ability to connect with them and share our significant milestones has taken on a new meaning. As many Ontarians confront their own mortality, the value in appropriate estate planning and the creation of a will is apparent. If an individual dies without a valid will, their estate will pass in accordance with the laws of intestacy, which are set out in the Succession Law Reform Act. This article will not explore that process; suffice it to say that allowing the legislature and courts to determine your wishes rather than clearly setting them out is not ideal.
When planning your will, there are several key questions to consider. Who do you want to carry out your wishes and ensure that your goals are met? This individual is called the Executor of your will, and it is crucial to select the right person for you, as well as an alternate.
Another consideration involves whether you have minor children. Who will take care of and provide for them when you are gone?
This person would have to agree to assume legal guardianship, standing in for you in your role as a parent. Again, this is also an appointment who must have an alternate.
Other questions may arise with the distribution of your assets and making sure there is money left over to take care of your family’s needs. All these questions, and more, should be discussed and assessed with your lawyer when planning your will. Sutherland Marshall provides a free, initial 30-minute consultation to begin this process.
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