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By Norman Pickell
www.normanpickell.com
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What if I do not have a
will ? If I live in Ontario and die without a valid will, I won't be
able to:
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1.
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Decide who my Estate Trustee (also known as
"Executor") will be. (The Estate Trustee is the person who administers my
estate.) |
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2.
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Have someone from outside of Ontario appointed as my
Estate Trustee (even if that person would be the best qualified to act). |
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3.
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Designate who has control over my funeral
arrangements (in the event that there is a conflict among my family). |
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4.
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Decide who receives my estate. |
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5.
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Designate who will receive some or all of my
personal items, such as a piece of jewellery, some furniture, art work or my
automobile. |
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6.
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Leave all of my estate to my legal spouse (if I
have at least one child - regardless of age). |
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7.
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Provide a life interest for my legal spouse in
any part of my estate. |
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8.
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Leave any part of my estate to my common law
spouse or to my same-sex partner. |
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9.
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Designate my choice of guardian to look after
any of my children who are under 18 years of age. |
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10.
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Decide at what age my children or my
grandchildren will receive their inheritance. |
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11.
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Stop my children or my grandchildren from
receiving the full amount of their inheritance when they reach 18 years of
age (even if they are not able to wisely handle the money at that age). |
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12.
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Allow my Estate Trustee (Executor) to pay
additional money for the benefit of my child's or grandchild's education,
medical or dental expenses. |
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13.
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Properly provide for my children from a previous
marriage. |
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14.
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Leave any part of my estate to any step-children
that I may have. |
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15.
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Determine the provisions of any trusts for my
children. |
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16.
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Properly provide for a child or other
beneficiary who has special needs. |
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17.
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Fully protect my child's inheritance from being
used by my child's separated spouse or my child's creditors. |
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18.
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Leave any of my money or property to a friend. |
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19.
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Leave any of my money or property to a charity. |
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20.
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Give my Estate Trustee (Executor) all of the
powers that the Estate Trustee will need to properly administer my
estate. |
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21.
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Allow my Estate Trustee to reduce the amount of
income tax that is payable upon my death. |
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22.
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Reduce the amount of Probate Fees (also known as
Probate Taxes) that my estate will have to pay to the government upon my
death. |
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23.
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Do any other estate planning. |
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In addition, if I don't have a will: |
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24.
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No one will have any authority to act for my
estate - including paying bills - until the Court appoints someone (which
will take a few weeks, thereby causing a delay in the administration of my
estate). |
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25.
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It will be more expensive to administer my
estate. |
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26.
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My estate will be administered and my assets
distributed in accordance with the Ontario legislation in effect at the time
of my death. |
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27.
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The Ontario Government will look after my
children's or grandchildren's inheritance until they become 18 years old. |
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28.
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I may cause my Estate Trustee and Beneficiaries
to spend more time in Court (which will cause delay and cost money). |
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29.
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It will also likely take longer to complete the
administration of my estate. |
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30. |
In some cases, the Province of Ontario will
become the beneficiary of my estate. |
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In other words, if I die without a will, I
will lose control over what happens when I die. I will also cause my
estate to incur costs which are far greater than the cost of making a
will.
A well-drafted will can look after all of the above matters. With a
will, I can have peace of mind knowing that my affairs are in order and
that my family is protected.
Someone once said "A man [or a woman ] who dies without a will has
lawyers for his [ or her ] heirs !"
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Articles
by Norman Pickell
If
I Die Without a Will
(in Ontario)
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