Wills and Estate
Wills and estate law in Ontario is the area of law that deals with the creation, interpretation, and administration of wills and estates. A will is a legal document that expresses your wishes about how your property and money should be distributed after your death. An estate is the legal term for the assets and debts that you leave behind when you die. Wills and estate law can help you plan for your future and protect your loved ones from uncertainty and disputes.
There are different types of wills in Ontario, depending on how they are prepared and executed. Some common types are
Holograph wills
These are wills that are handwritten, dated, and signed by the person making the will, without any witnesses. They are valid in Ontario, but they can be easily challenged or misunderstood. They are not recommended for complex situations or large estates.
Attested (witnessed) wills
These are wills that are typed or printed, and signed by the person making the will in the presence of two witnesses, who also sign the will. The witnesses cannot be beneficiaries or spouses of beneficiaries under the will. These are the most common and reliable type of wills in Ontario. They are usually prepared by a lawyer, who can ensure that the will meets the legal requirements and reflects the person's wishes.
Wills for couples
These are wills that are made by two people who are married or in a common-law relationship. They can be identical or mirror each other, meaning that they leave everything to each other and then to the same beneficiaries. They can also be mutual or reciprocal, meaning that they leave everything to each other on the condition that the survivor does not change their will. They can also be joint, meaning that they are made in one document and signed by both parties. They can also be separate, meaning that they are made in two documents and signed by each party. Each type of will for couples has its own advantages and disadvantages, depending on the situation and goals of the couple.
​Estate planning is the process of arranging your affairs to achieve your personal and financial objectives, both during your lifetime and after your death. Estate planning can involve various tools and strategies, such as
Wills
As mentioned above, a will is the main document that expresses your wishes about how your estate should be distributed and who should manage it. A will can also appoint guardians for your minor children and provide for their care and education. A will can also include specific gifts or bequests to certain people or charities, or create trusts for the benefit of your beneficiaries.
Powers of attorney
A power of attorney is a legal document that gives someone else the authority to act on your behalf in certain matters, such as financial or personal care decisions. A power of attorney can be general or specific, and can be effective immediately or only when you become mentally incapable. A power of attorney can help you plan for possible mental incapacity and avoid the need for a court-appointed guardian.
Trusts
A trust is a legal arrangement where you transfer property to a trustee, who holds and manages it for the benefit of one or more beneficiaries. A trust can be created during your lifetime or through your will. A trust can have various purposes, such as protecting your assets from creditors, reducing taxes, providing income for your family, or supporting a charitable cause.
Beneficiary Designation
A beneficiary designation is a way of naming someone who will receive the proceeds of certain assets or accounts upon your death, such as life insurance policies, registered retirement plans, or tax-free savings accounts. A beneficiary designation can override your will, so it is important to review and update them regularly to ensure they are consistent with your estate plan.
Estate planning is not a one-time event, but an ongoing process that should reflect your changing circumstances and goals. Estate planning can help you achieve peace of mind, protect your family, and leave a lasting legacy.