Who Should Have a Will in Ontario? (Hint: Almost everyone!)
If you're an Ontario resident, you've likely heard someone mention the importance of having a will. Despite common misconceptions, wills aren't only for the wealthy or elderly - almost everyone can benefit from having a properly prepared will. In this guide, we'll clarify who should have a will, why it matters, and how a carefully structured will can protect your interests and those of your loved ones.
What Exactly is a Will?
A “will” is a legal document that outlines your instructions for how your estate (i.e., the collection of your assets and property) should be managed and distributed after your death. It also allows you to appoint a guardian for minor children, specify funeral wishes, and even provide for pets.
Ontario-Specific Considerations
In Ontario, wills are governed by the Succession Law Reform Act (SLRA). This Act specifies rules regarding the creation, validity, and enforcement of wills. Key aspects unique to Ontario include:
Probate Process: Your will usually must be probated (i.e., formally recognized by an Ontario court) to give your executor the legal authority to manage your estate.
Estate Administration Tax: Also known as “probate fees”, these are payable to the Ontario government and based on the value of your estate.
Who Needs a Will?
In short, most adults benefit from having a will. But let's explore some specific examples:
Parents of Minor Children
If you're a parent, your will allows you to nominate a guardian for your minor children. While the final approval for guardianship rests with the court, your expressed wishes carry significant weight, guiding the court’s decision and increasing the likelihood your choice will be respected.
Example: Jennifer and Mike from Windsor have two young children. Without a will, the court may appoint a guardian who doesn’t share their parenting values or lifestyle. By nominating Jennifer’s sister, who already shares a close bond with their children, Jennifer and Mike help ensure stability and continuity of care.
Homeowners and Property Owners
Real estate is typically among the most valuable assets in an estate. A will provides clear instructions about who inherits your home or other properties.
Example: Paul from Essex County owns a family cottage and a primary home. Without a will, disagreements over the cottage could divide his family. Paul’s will specifically outlines his wish for the cottage to remain in the family, with conditions that clearly explain who covers maintenance costs and usage rights, thereby preventing potential family conflicts.
Blended Families
In blended families, wills play an important role in reducing the potential for conflict, and clearly reflecting the testators wishes. The complexity of blended family dynamics requires careful and proactive planning.
Example: Sarah from Amherstburg is remarried with children from both her current and previous relationships. Without clear instructions, her estate could unintentionally exclude stepchildren or disproportionately benefit certain family members. By making a will, Sarah can specifically include John’s children, making sure everyone is treated fairly and preventing unnecessary conflicts down the road.
Small Business Owners
Without a will, the future of your business could be uncertain. A will allows you to outline a clear succession plan.
Example: Ravi owns a thriving family restaurant in Lakeshore. Without a will, his sudden absence could leave the business in limbo, potentially damaging its operations and the family’s income. By designating his daughter - already actively involved in managing the restaurant - as his successor, Ravi secures the continued success and transition of his business. Additionally, small business owners that operate through a corporation might consider tailored estate planning such as primary and secondary wills to save on estate administration tax (for more information, see our upcoming article on primary and secondary wills).
Common Misconceptions
Here are common myths that often discourage people from creating a will:
"I'm too young to have a will." Unexpected events can happen at any age. Having a will ensures your wishes are respected regardless of your life stage.
"I don't own much, so I don't need a will." Even modest estates can cause disputes among family members without clear instructions.
"My family knows my wishes." Without a valid will, your wishes aren't enforceable.
Take the First Step Today
Securing your family's future doesn’t have to be complicated. At Mariotti Law Group, our experienced lawyers will work closely with you to create a clear, personalized will tailored precisely to your wishes - giving you confidence and peace of mind. Schedule your consultation today.
Disclaimer: This article is intended solely for informational purposes and should not be construed as legal advice. No solicitor-client relationship arises from accessing or reading this content. Legal matters are often complex and require tailored advice; readers should not rely exclusively on this general information without consulting a qualified lawyer. For advice applicable to your specific circumstances, please contact Mariotti Law Group directly. Mariotti Law Group expressly disclaims all liability regarding actions taken or not taken based on the contents of this article.