The number of Canadians without a Will should astonish lawyers. A recent study found that the majority of Canadians do not have a Will. In my experience, anecdotal evidence suggests that these statistics are consistent among young lawyers, particularly among those who are just beginning their practices. As a young lawyer (potentially with student debt, but also on the verge of significant financial milestones such as home ownership and child rearing) you should seriously consider making a Will. This article will summarize three of the main reasons to consider taking this step.
Your partner will not necessarily inherit your estate
It is a common misconception that your spouse or partner will automatically inherit your estate if you die without a Will. This is not necessarily the case. Each province has rules that govern intestate succession. In Ontario, if you are legally married but have no children, then your spouse will be absolutely entitled to your property. However, if you have children, your married spouse will be entitled to a “preferential share” of your estate (currently set at $200,000) and the remainder of the residue will be distributed among your married spouse and children. However, if you are not legally married, your partner would have no legal entitlement to your estate under the legislation. A common law spouse could be severely disadvantaged if you pass away without a Will.
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