Jane Thrall

Do you have a legally valid and up-to-date will in place ? Major life events can result in the need to revisit your last will and testament . A death , divorce , or marriage can alter your list of beneficiaries and render an outdated will invalid .

A will is a document that states your final wishes for the distribution of property and custody or guardianship of any minor children . A trustee or executor is named , and they will be responsible for the management of your financial assets and liabilities as well as the distribution of your estate as directed . The will may also contain instructions for the handling of your remains or other personal wishes .

Every adult should have a will in place irrespective of whether end of life is anticipated in the near or distant future . Without clear written instructions , your family and friends will be left to speculate as to your wishes . In some cases , this can lead to animosity as one or more people wish to inherit some portion of the estate that hasn ’ t been allocated . This can result in complex family disputes and costly legal battles .

Dying intestate , without a will , leaves the government to appoint an administrator and distribute your estate according to the laws of the province in which you live . If no one applies to be your administrator , the government will appoint a public trustee . These steps will greatly delay the transfer of your estate and make the process much more difficult for your representative .

If you have minor dependants and they are left without a surviving parent , the court will decide who becomes their guardian . In Alberta , parents must adequately provide for any offspring who are unable to earn an income due to a mental or physical disability .

Each province has its own succession rules , but generally the surviving spouse will receive some or all of the estate , and a portion is often allocated to the children ( or placed in trust until they reach the age of majority ). Common-law partners aren ’ t recognized in every province as having the same rights as spouses with respect to the dispersal of a person ’ s estate . In Ontario , for example , a commonlaw spouse does not have automatic rights to the deceased spouse ’ s property . They may be able to apply for support from the estate as a dependant ,

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