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WILLS & Estates

Your Trusted Wills & Estates Advisors

A will is a legal document that specifies how a person’s assets and property should be distributed after their death. It can appoint an executor to manage the distribution of the estate and name a guardian for minor children.

Creating a will is important because it allows a person to have control over what happens to their assets and property after they die, rather than leaving those decisions up to applicable laws and regulations. It can also help to avoid disputes and confusion among family members and beneficiaries.

An estate is the total assets and property owned by a person, including real estate, personal property, and financial assets, such as bank accounts and investments.

If a person dies without a will, their estate is said to be “intestate” and their assets will be distributed according to the laws of where they lived. This process is known as intestate succession. In Ontario, the spouse and children of the deceased person are the first to inherit, followed by other family members, if there is no spouse or children.

If a person has a will, the process of distributing their assets is known as probate. The executor named in the will is responsible for gathering the assets of the estate, paying any outstanding debts and taxes, and distributing the remaining assets to the beneficiaries according to the terms of the will.

It is important to keep in mind that wills and estates can be complex legal matters and it is generally a good idea to seek the advice of a lawyer when creating a will or managing an estate.

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