I don’t need a Will

I have no spouse, no children, no dependents and very few assets. I don’t need a Will; right?

Not so fast. A Will does two very important things for the young and care-free:

1. It appoints a Trustee (Executor) for your Estate.
2. It outlines in detail how you wish to bequeath your assets, modest though they may be.

Let’s look at both in a bit more detail.

Trustee

If a “Certificate of Appointment of Estate Trustee” is required, it is far less complicated to obtain if a Trustee has been appointed by the Will.

• In order to deal with many types of assets, a “Certificate of Appointment” is necessary (attorneygeneral.jus.gov.on.ca/english/estates/estates-FAQ.php) . This may include financial assets like bank accounts, investment accounts, and life insurance (particularly if no beneficiary has been named in the policy).
• It may also be very complicated to transfer an automobile without this Certificate.

If you do have a Will and have named a Trustee in your Will, a copy of the Will and Death Certificate may suffice to allow for the transfer of modest assets. On the other hand if a Certificate is required, it is a much simpler application if the Trustee has been named in a Will.

Beneficiaries

If you die without a Will, your Estate will be distributed according to the law, regardless of how modest it is.

• These rules (see attorneygeneral.jus.gov.on.ca/english/family/pgt/heirclaim.php ) are complicated, but suffice to say for the young and care-free it is the Parents who will inherit; on a 50/50 basis.
• Is this what you would want? Maybe that company life insurance would better help your brother/sister. Are both of your parents still a part of your life? However modest the amount is, do you really want 50% of it going to an estranged parent? That’s what the law says.

It is simple to create a basic Will. The requirements in Ontario can be found by searching online and there are many online Will kits to choose from as well. Remember though, this non-legal advice is for the young and care-free. When your circumstances do change (you get married, or have dependents, or own real estate or start to build assets, etc.) you should update your Will and have it reviewed by a Lawyer.