Wills
The Importance Of Your Will
A valid Will is an essential document that all adults should maintain on a current basis throughout their lifetimes.
Your Will should be prepared within the context of an overall estate plan, to ensure that all elements of your current situation are addressed and your estate objectives are met.
Passing Away Without A Will (Intestacy)
A Will is the cornerstone of every estate plan. At the time of your death, it can mean the difference between leaving your assets to the beneficiary of your choice or leaving that distribution in the hands of provincial legislation.
What Happens To The Estate if you do not have a Will or the Will is considered invalid
What Happens To The Estate if you do not have a Will or the Will is considered invalid
Should you die without a valid Will, or if it cannot be located, you are considered to have died “intestate”. Similarly if your Will fails to dispose of all of your assets you will be considered to have died “partially intestate”. In either case, your estate will be required to be administered under the relevant provincial intestate succession legislation.
If you have no Will and no living relatives, your estate will go to the province. This is referred to a property that “escheats” to the government.
Also, assets of the estate left to minor beneficiaries may be held by the court in trust until the minor reaches the age of majority or until the minor’s guardian is granted custody of the assets.
