Thinking of Getting Married? Then know this…
Marriage no longer automatically revokes Ontario wills as of January 1, 2022.
Getting Married – Things to Consider
1. Review your beneficiary designations. There are tax advantages to designating your spouse as beneficiary for RRSPs and RRIFs.
3. Consider if you need a marriage contract.
The law, before January 1, 2022, was that marriage revoked everyone’s wills unless exceptions applied. Wills expressly made in contemplation of marriage were exceptions. Also valid were wills where spouses accepted what was in the will within a year of a spouse’s death. That has changed.
Spousal Preference Changed on March 1, 2021
If your married spouse died without a will, then you have the right to make a Family Law Election for property rights. You also have a right to support. If your spouse died without a will (intestate) and had limited assets, then, as a spouse, you are entitled to a “preferential share”.
The preferential share is defined in section 45 of the Succession Law Reform Act.
What Is the New Preferential Share?
As of March 1, 2021, the value of your spousal share in a limited value intestate estate is as follows:
a) If a person died before March 1, 2021, it is $200,000;
b) If a person died on nor after March 1, 2021, it is $350,000.
To calculate the preferential share, you first pay all debts, funeral and estate administration expenses.
Are you getting married and need a will?
Get advice to understand your legal obligations as a married spouse.
Need to make a will? I can help you. Contact me today.
Estate law – it’s all I do.Posted In: Estates On: December 6th, 2021