Did you know that if you executed a will prior to getting married, that will automatically becomes invalid once you get married, unless it was prepared with the marriage in mind? If you had a will prepared prior to getting married and it does not take into account your marriage, you need to have a new will prepared.
If you have children, it is important that you have a proper will in place. Many couples put off doing their wills because they cannot agree on the caregiver for the children in the unlikely event that they both pass away. However, it is crucial to have the discussion and have wills prepared to ensure the well-being of your children and that your wishes are documented.
A common misconception that we hear a lot is, "I don't need a will. Everything will go to my spouse anyways." ... But this is not necessarily the case. Under the law of intestacy (where a person passes away without a will), under the Succession Reform Act, where the deceased had children, the surviving spouse who was legally married to the deceased, is only entitled to a preferential share of the first $200,000 of the estate, with the remained being split between the surviving spouse and the children. This is one of the reasons that is it important to ensure that you have proper wills in place.
Werhun Law is a law firm located in Etobicoke serving the Greater Toronto Area. Werhun Law provides services primarily in residential and commercial real estate, mortgages, commercial leasing, and wills and estates. If you have any questions or are in need of legal services you can contact us at info@werhunlaw.com.
The information in this post is for general informational purposes only. It does not constitute legal advice and does not create a solicitor-client relationship.