Everyone should take the time to make a will. When there is no will, the deceased’s assets are summarily divided among family members in accordance with the Succession Law Reform Act.
Dying without a will: what happens ?
If you leave this world without a will:
- your common-law spouse is not recognized by the law
- your assets are divided according to the law and your heirs determined according to this law
- a large portion of your assets could end up going to the taxman
It is advisable that you get legal advice specific to your situation since the application of the law and the designation of beneficiaries may be complicated.
The distribution of assets depends on the composition of your family.
Keep the following in mind when you get ready to draw up your will:
- Two types of wills: Which of the 2 types of wills legally-recognized is best suited to your needs and circumstances?
- What to include in your will: Things to consider when you draw up your will, so no detail is left out.
- A second will if you have assets in the United States: Do you own a condo in Florida? You’ll need a second will.
- Choosing a trustee: The trustee’s role and steps to take to ensure you choose the right person.