Closed on your new home or recently got married? Your next step should be to make a new will
By: Mahoon Law
In Ontario, the Succession Law Reform Act, R.S.O. 1990, c. S.26 (https://www.ontario.ca/
A note – the Act only distributes the spousal share to married spouses and children.
Five important reasons (https://en.wikipedia.org/
i. Married couples are typically registered as "joint tenants". The main feature of this form of ownership is something called "right to survivorship"
But what if you want your share to go to someone other than your spouse? A child or a parent are often popular options. Alternative options such as these should be discussed with your lawyer as they could potentially open you estate to probate or potentially invalidate your will.
ii. Re-married spouses often have differing opinions on whom they want to transmit their wealth too. Often, re-married spouses will want to be registered as tenants in common. In a tenancy in common (as opposed to joint tenants) – the deceased spouses' share will be left to their estate, where it will then be distributed based on the testamentary intent of their will.
iii. If you don't have a will and you pass on (intestate (https://mahoonlaw.com/
iv. You and your spouse can ensure that your intent on transmission of your wealth (https://mahoonlaw.com/)
v. Leaving a valid and professionally drafted will makes the lives of your loved ones significantly easier after you pass away.
If you are interested in booking a consultation and discussing your will, contact my office:
Mahoon Law Professional Corporation (https://mahoonlaw.com/)
405 Britannia Road East, Unit 101B
Mississauga, Ontario L4Z3E6
Fax : 866-320-6008
Email: firstname.lastname@example.org (http://mailto:
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