If you are in Canada, there are a set of rules that define making a will in the event of death. Dying without a will in Canada is not without its share of troubles. You cannot quickly assume that since a partner dies, the property automatically passes on to the spouse. This can only happen in a situation where there is joint ownership of assets or the right of survivorship has been previously accorded to the spouse. This again may not be the case in the province of Quebec.
If you die without a will in Canada, chances of you having died “intestate” is high. This means, the provincial government will decide in your absence how your property should be divided and among who. Each of the provinces in Canada has a separate set in “intestacy” rules that may define your estate’s beneficiaries and what each will receive.
However, the situation is much better if you make a will in Canada. With a little preparation and counseling, you can write your will and it is not at all expensive as you think. Here are a few things you should remember before making a will in Canada:
- You need to choose a correct set of people that will be party to your will. These include, your children, their guardian if the children are minors and other beneficiaries. You need to consult and bring these people together when you sign your will.
- Choose your executor wisely and make sure the overseer or the executor, many a time a spouse, is aware of your will. It is a wise idea to have a spouse named as an executor. This way if you have children who are minors, you can entrust their care in his or her hands.
- Make sure the guardian is rightly selected. This person in any way shall take care of your children and that in itself warrants you to ask important questions such as: Where and how the children should be taken care of? Whether the guardian should stay close to your family along with what the beliefs of this individual are since being entrusted with so much authority. The guardian also should be someone who works in close association with the executor of the will. You have to be wise and clever at deciding that in your lifetime.
- Choosing the right payout age is also very crucial for you. The future of your children depends on this. In several states, the payout age varies from 18 years to 25.
If you want to know more about making a will in Canada, contact Victor Opara at 416-782-5926.