The law says that you died “intestate”. That means that you died without leaving clear instructions as to how your property (real estate, investments, personal property, etc.) is divided and distributed.
In these situations, The Ontario Succession Law Reform Act will govern how your property will be distributed. It’s also important to note that even if you want your property divided according to provincial law it’s still best to prepare a will. That way you can reduce delays and expenses.
According to Legalline.ca, here’s what happens when you die without a will:
The idea of preparing a will can be scary and intimidating, but help is available.
Consider the mess you could leave behind and what your family will think of you after you are gone by not taking the time to make your wishes know. This has destroyed many families. Don’t let yours be one of them.
Visiting the Ministry of the Attorney General website is another good place to get more information.
Your lawyer will cover the legal aspects of your will, but your financial advisor or financial planner should look at the financial consequences that the lawyer might not understand or predict. The more professionals you consult with during the preparation of your will, the more efficient that it will end up being. Collaboration like this is just one of the many services we provide in our practice.
Estate planning is a big part of financial planning and we are here to help to tackle this issue for you.