All You Need To Know About Wills

A Last Will is a legal document that describes and expresses your desires for the allocation of goods, property, and care of minor children (if you have any). You should counsel with Costa Law Newmarket to prepare the will to compete and officiate these wishes. When creating a will, all the properties you decide to distribute in the event of your death are left to your discretion. This covers personal items, the family estate, cars, and assets.  If you are a business owner, it smooths the transition of a company to a new owner easily inside and beyond the family. Family companies are a major cause of legal proceedings. Family enterprises are an important source of legal proceedings, and these battles can be minimized by a detailed will. Following types of questions on will are commonly asked.

Is it really important to make a will?

The most valuable part of your life is your family and loved ones. Wills are essential if you want to protect them and the estate is correctly split between them. You do not know that several variables will alter the result of an estate in one flash. In the end, it’s one of the most valuable documents. It’s really necessary, indeed.  There is an almost infinite list of problems in your estate and with your beloveds, if you have no will when you pass. For instance, your death is intestate without a will. This ensures in Ontario that your estate is subject to constitutional requirements to determine the holder of your estate. This brings any distribution to a halt.

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What Issues will arise when you are dying without a will?

If you just want to leave it all on your spouse and you do not have any children, your lawfully married wife has the right to your property without a will. If you are single or in a common-law relationship, y our mate has not the same rights. This will pose certain problems. If you pass without a will, they will not get automatically granted benefits without a legal marriage. If you’re not married under the act, your estate will:

  • Go to your kids
  • If you don’t have any children, your survivor parents are your next family
  • If not, the brothers and sisters
  • Or it will be split between nieces and nephews if they’re no longer alive

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