Estate Planning in Ontario: Considerations when drafting your Will

In Ontario's fluctuating economic landscape, future planning has transitioned from a consideration to a necessity. This holds especially true for younger adults, a demographic often underrepresented in estate planning conversations. Barbarian Law aims to illuminate the critical importance of drafting a will, an action essential for individuals across all age groups.

A will is a powerful testament of your intentions for asset distribution and the care of your affairs posthumously. Contrary to common belief, wills are not reserved for the elderly or affluent. Given life's inherent unpredictability, a will guarantees that your directives are honored, safeguarding your loved ones' and societies welfare irrespective of your age or economic status.

In Ontario, dying intestate (without a will) means your estate is divided according to the Succession Law Reform Act, which might not align with your personal wishes. Drafting a will places you in control, ensuring your assets, whether tangible, digital (like NFTs), or sentimental, are bequeathed as you see fit. It's also pivotal in aiding the discovery and management of your assets.

A will enables you to designate guardians for both current and future children, ensuring they're in trusted hands if you're no longer around. It's an act of foresight, offering peace of mind about their care and future.

The absence of a will complicates the estate settlement process, potentially burdening your loved ones with legal hurdles and familial disputes during an already challenging period. A well-drafted will simplifies these proceedings, making the transition smoother for everyone involved.

The peace of mind that comes from having a will is unparalleled. It's a reassurance that your preferences are documented and actionable, ensuring your legacy is preserved as intended.

STEPS

At Barbarian Law, we specialize in demystifying the estate planning process, tailoring our services to mirror your wishes precisely and effectively.

·      Start by cataloging your assets. This includes real estate, investments, digital assets, and personal belongings of value.

·      Consider who you want to inherit your assets. Options include family, friends, or charitable organizations, reflecting your personal values and relationships.

·      Choosing a reliable executor is crucial. This individual will oversee your estate's administration, ensuring your wishes are executed as planned. Naming a substitute executor is also wise, providing an alternative in case your first choice is unable to fulfill their duties.

·      Navigating Ontario's estate laws requires expert insight. Our experienced team at Barbarian Law offers personalized advice, ensuring your will meets all legal benchmarks and truly represents your intentions.

·      Life's inevitable changes—marriages, divorces, births, and acquisitions—necessitate will updates. Maintain its relevance by periodically reviewing and amending it to reflect your current circumstances and wishes.

Contact us today to begin your estate planning journey with a comprehensive questionnaire designed to kickstart the will drafting process, ensuring peace of mind for you and your loved ones for years to come.