What are wills in Ontario? What happens if I choose not to have a will?

Wills in Ontario are legal documents that outline how one wishes to distribute their property upon their death. Without a legal will, your assets may not be distributed in the way that you wish. Wills in Ontario also minimize the possibility of tension between the surviving family members after the death of an individual. There are various types of wills; these include holographic wills, oral wills, and living wills.

Holographic wills are not witnessed by a third party and therefore seldom hold up in court. Oral wills have no written documentation and are rarely taken into account from a legal perspective. Living wills, in contrast to the other forms of wills, do not come into effect after the person in question passes away. A living will deals with who should be held responsible for decisions regarding medial care if an individual is not in a position to make such decisions for his or herself.

The best way to structure wills in Ontario in order to ensure the best odds of it standing up in court is to have the will in writing, and signed and witnessed by a third party.

There are many specific items that are not covered in the will. These items include but are not limited to money obtained by life insurance policy payouts, assets from retirement, assets owned by more than one individual, and so fourth.

If you do not have a will and you pass away without creating one, you are considered to have died intestate. If an individual dies intestate, one's assets will be distributed according to the law through a set formula. This can lead to financial and emotional difficulties of family and friends, as the house may be sold, your family may be unable to continue to maintain their standard of living, and so on.

For more information on wills in Ontario, or to retain a lawyer to draft a will for you, contact Krol & Krol at 905.707.3370.