Are You Prepared? Discover Your Estate Planning Readiness with my Ontario Quiz – PART 1

Answer true or false.

Q1. I need a lawyer to make a will. True or false?

False. You can make your own will without a lawyer but it’s very risky. Do-it-yourself wills are frequently challenged in court. Your beneficiaries may later spend tens of thousands of dollars in court to find out if your will is invalid. Only lawyers are trained in tax, trust, property, family, will and estate law to give legal opinions on wills. Lawyers can defend wills they prepared. Legal fees are an investment to protect loved ones. Changes in the law mean that draft wills may become valid wills.

Q2. Common-law spouses automatically inherit their partner’s estate in Ontario. True or false?

False. In Ontario, only married spouses can automatically inherit. Common law spouses must be named in a will to inherit an estate. Every province is different for estate purposes. What if you are a common law spouse without a will to protect you? You must hire a lawyer to claim support or property in costly legal proceedings.

Q3. I own everything jointly with my spouse or children so I don’t need a will. True or false?

False. What if the other joint owner dies first? You need a will or the government writes one for you, and you may not like it. Your estate then passes only to certain blood relatives. Unless you make your will, the people you love or the charities and friends you care about cannot inherit or benefit.

Q4. I cannot appoint a guardian for my children in my will. True or false?

False. Parents can name a guardian by making a will. You can specify who has decision making responsibility for any minors or trust funds and when children can inherit.

Q5. I left everything to my children in my will and remarried. I still want my children to receive my entire estate. I do not need to make a new will. True or false?

False. This one is tricky. Prior to January 1, 2022, all prior wills were automatically revoked upon marriage. This is not the case after January 1, 2022. You will need experienced legal estate planning advice for blended families and stepfamilies to satisfy your legal obligations.

I have been helping clients since 1978. I can help you plan, administer or contest a will or estate.

Set up an initial meeting to discuss your will options. As a bonus, pick up a copy of my book, Estate to the Heart: How to Plan Wills and Estates for Your Loved Ones.

Next, read Part 2 of this post, Are You Prepared? Discover Your Estate Planning Readiness with my Ontario Quiz

Estate law is all I do.