No Control Over Who Manages Your Estate
The courts will appoint someone to manage and distribute your estate—and they may not choose the person you would have selected.
Your Loved Ones Will Have to Wait for Their Inheritance
Without a Will, there could be significant delays when it comes to distributing your assets.
More Taxes, More Fees
Extra legal fees will be required to settle your estate. What’s more, you will have missed the opportunity to set up tax-efficient ways to pass your assets to your beneficiaries.
Who Takes Care of Your Kids?
Without a Will in place, you won’t have a say in who becomes the guardian of your minor children.
If You’re Married…
In most cases, your spouse will receive a preferential share of your estate—anywhere from the first $50,000 to the entire estate. Any leftover balance is divided between your spouse and children according to the rules of your province.
If You Have a Common-law Spouse…
In some provinces, a common-law or same sex partner is considered a spouse for estate purposes; in others, only legally married spouses have certain rights. Knowing the rules for your province—and reviewing them if you move—is something a financial planner can help you with.
Conversations to Have With Aging Parents
Receiving an Inheritance or Lottery Winnings
How Does Getting Married Affect My Will?