Protecting What Matters: How Lawyer-Assisted Wills Make a Difference in Ontario PART 1

Wills are the cornerstone of every estate plan.

Many people think any will can suffice, even those prepared without the assistance of a lawyer. However, few people consider that this is the key to safe estate planning.

Estate planning requires that you know the laws of your province and jurisdiction.

Laws Are Different in Each Jurisdiction

Use of the English language may be identical across jurisdictions. However, laws are not identical.

Canadian tax laws are completely different from American estate taxes and U.S. estate planning is entirely different. There is no Canadian federal estate tax on the overall size of your estate.

Ontario has provincial Estate Administration Tax (EAT) which is different from other provinces.

Are you familiar with the different laws? You need legal advice about provincial family, property, estate, tax and laws about wills. This requires legal advice that websites that offer do-it-yourself wills cannot provide.

Information read online is no substitute for professional and confidential legal advice for your specific circumstances.

Bear in mind that estate planning is different if you are a couple in a long-term marriage, a single parent with a minor child, parents with adult children who may need trusts to protect them or if you are a business owner.

Your business could be a sole proprietorship a partnership or a corporation. Each of these variables requires specific estate planning advice. You need legal advice that you can rely on from a lawyer.

Your accountant can speak to you about income tax consequences for your business. But they cannot provide confidential legal advice regarding a buy-sell or shareholders agreement and marriage contracts to cover the business.

Wishes Are Not Horses

There’s an old saying that wishes alone cannot make things happen. Otherwise, everyone would wish to ride horses. Wills should not contain wishes which are not enforced by courts. Your will must contain clear, written instructions or directions to your estate executor.

Wills are legal documents that courts can interpret, validate or invalidate. In other words, once you’re gone, your loved ones may find that just making a will is not good enough to set out your wishes. Wishes may not be legally binding.

A gift to your niece, provided that she marries a certain person before she is entitled to her inheritance cannot be a legally binding gift. This gift can fail, even though it is your wish.

Read Part 2 of this post.

Many years ago, I wrote Estate Planning in Six Simple Steps, a Canadian estate planning book.

Times may have changed but AI or Alexa cannot provide legal advice to prepare a valid Ontario will.

Do you need help making your will? Want to get started but not sure what’s involved? I understand and can help you. Contact me for a meeting.

I am a Certified Estate Specialist.