A majority of Canadian adults do not have a will. If they have children their interests might be left unprotected. If they die owning real estate the sale or other disposition is more problematic.

SNAP QUIZ

• Wills can be handwritten and unwitnessed and still be legal.
  

Yes BUT the entire document must be all handwritten with no typed or pre-printed portions. They are called Holograph wills. It is not uncommon for handwritten wills leave out important considerations like naming an executor or disposing of the entire estate.

• Video wills are not valid in Ontario.
  

No!  This only on T.V.  The wills act sets out the requirements for a valid will.  Other than for holograph wills, referred to above a valid will must be in writing and witnessed by two witnesses who signed in each others presence at the same time as the testator (the person making the will) signed.

• I want to leave everything to my children - I can leave my spouse nothing?
  

Ontario family law gives your spouse a right to share in your estate. They also have property and support rights after death which cannot be ignored.

• I don’t need a will because wife/husband gets everything anyway
  

No!! They only get what is called the preferential share, the first $200,000. Any amount over that is shared with the children.

• If I have been living in a common law relationship for three years I don’t need a will because my spouse will get it all.
  

No! Common law spouses have no rights to share in the deceased spouse's property if there is no will.  It might come as a surprise to learn that if the deceased was not divorced from a spouse but separated, even for many though separated, the

• I don’t need a Power of Attorney if I become mentally incapable because my spouse can look after everything, do my banking, sell our home etc.
  

No! The Ontario Government Public Guardian’s office takes control of your assets and will manage you and your affairs unless a family member takes the time-consuming and expensive steps to gain control.

• I don’t need a Power of Attorney if I have an up to date and valid will
  

No!  They are entirely separate documents designed to do entirely different tasks. Your will only takes effect on death and a power of attorney ends at death.

• It is best to leave my life insurance to my estate so that the beneficiaries in my will can get the proceeds and pay for my funeral.
  

Most times no!   Probate fees, income tax and creditors' claims do not apply to insurance proceeds if they are left to a named beneficiary.

• I can save some tax by naming someone to get RRSP proceeds directly.
  

Sometimes!  The spouse or common-law or same-sex spouse, or a dependent child under 18 or one who is permanently disabled can get the benefit of the “roll over” provisions under the ITA and no tax is payable. Otherwise the beneficiary gets the full amount but the estate must pay the tax on it.

• My will is simple, I can save money and do it myself or get a will kit just like on T.V.
  

The legal fees in properly preparing a will are small when compared with legal fees in fixing it after you die or defending its validity if someone says you did it incorrectly.

• I can save on probate fees by putting all I own in joint name with my children or someone else.
  

Yes!  BUT you loose control of the asset during your lifetime, creditors of the other person can now claim against the asset, including their spouses and there are possible unintended tax consequences

• If my will is valid before my marriage it is still valid after.
  

No! if you marry or re-marry your existing will is revoked and you do not have one.

• If I get separated I don’t need to change my will or insurance beneficiaries.
  

Absolutely incorrect!  The beneficiary designations are still in effect and if you die there are serious unintended consequences.

GENERALLY: Anyone who owns a house or business or investments, who is married or in a relationship, who has children or who wants to benefit friends, relatives or charities, should have a current will AND Power of Attorney. 

DO YOU??