Reasons Why You Need To Have A Last Will And Testament
- Common-law spouses do not have property rights and they will not inherit under the law. Your estate would go to your closest living relative and completely bypass your common-law spouse.
- If you have children, your legally married spouse will not inherit everything. Your spouse will inherit the first $350,000 of your estate. The rest of your estate would be divided between your spouse and children.
- A parent is not an automatic Guardian over your child’s money. If a minor inherits more than $35,000, the surviving parent will have to apply to the Office Public Guardian Trustee and ask permission to become the Guardian over the money.
- A proposed Estate Trustee or Guardian will be required to post a bond with their application. Posting bonds could be as high as three times the worth of the estate.
- You can reduce tax exposure. By reviewing your assets with a lawyer, we can identify issues you may not think about on your own and offer tax planning within your will.
Question: I don’t really have that much, do I really need a will?
Answer: Yes!
See what happens when dying without a will. Learn more about Wills.
Contact our Will lawyer Toronto to get a quote to make a Will.
Hummingbird Lawyers LLP has two offices for your convenience. Providing qualified, skilled and experienced lawyers in Toronto and lawyers in Vaughan, we are committed to giving our clients the convenience, expertise and guidance they need.
If you have questions about Wills, please contact:
Tracey Jones, Law Clerk
Email: info@hummingbirdlaw.com
Phone: 905 731 1911