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Nov 9, 2023 · Wills and estates laws regulate the transfer of properties from one person to another and all the other incidents of such process. It includes testamentary validities of wills, intestate succession, and successional rights of heirs. The laws also provide for the duties of an executor or an administrator.
A will is a legal paper that outlines what a person wants to happen to their belongings after they pass away. This person is called the "testator." Think of a will as a roadmap for your possessions, guiding how they should be divided among family, friends, or charities. Without a will, the state decides how to distribute your belongings, which ...
- Will/Last Will and Testament. A “Will”, sometimes known as a “Last Will and Testament”, is a document that expresses an individual’s wishes with respect to property and dependents, should they pass away.
- Testator. A “Testator” is an individual who writes a Will or instructs a lawyer to write a Will on their behalf. “Testator” is the legal term for a “Will-maker” or the individual who signs the Will and whose wishes and instructions the Will contains.
- Executor. An Executor is responsible for, among other things, locating, gathering, and distributing the deceased’s property. Typically, a Testator appoints someone in their Will to fulfill this role.
- Read our Wills Frequently Asked Questions (FAQs)
- Why Is Legal Language So Complicated?
- Understanding Your Will
- What Is Your Estate?
- What Is An Executor?
- What Is A Beneficiary?
- What Is Probate?
- Bequeath Or Devise
- Bond
- Guardian
- Intestate
The language of law is completely unfamiliar to people outside of the legal industry. Reading and understanding the laws in Canada’s legal statues takes time, effort, and sometimes a working knowledge of Latin! The law can also be open to interpretation; one person can take a different meaning to another from exactly the same words. Some sections o...
Your Will (or “Last Will and Testament”) only comes into effect after you pass away. For this reason, it is important to ensure that your wishes are very clear in your Will. Often the only way to do this is to use well established legal terms and to ensure all potential scenarios are covered. This can often make some parts of the Will seem quite lo...
Your Estateis everything that you own and owe at the time of your death. Assets that are held as joint tenants (jointly with another person), such as your home or bank accounts, are not included in your estate. This is because there is a “right of survivorship” with those assets. A right of survivorship means that if one spouse or partner were to p...
An Executoris the person or people you name in your will to administer your estate when you pass away. (Historically, we also used the term Executrix for a female Executor, but this isn’t used so much today). You can appoint more than one person but you should ensure they get along. You are able to nominate a substitute executor as a back-up in cas...
In your Will you nominate your beneficiaries. A Beneficiaryis a person or organization who receives a gift or benefit from your estate. If a beneficiary is a minor, their share is held in trust until they turn 18, or you can choose an older age such as 21 or 25 years in your Will. You can even divide the distribution of the estate so that they rece...
Probateis perhaps the most misunderstood part of the Will process. After you have written your Will, you must keep it in a safe place. It should be somewhere that is known and accessible to your Executor. After you have passed away, your Executor must submit your Will to the probate courts, where it is accepted as your legal Last Will and Testament...
Many Wills describe the distribution of the estate with the words “I give, bequeath and devise” which in layperson’s terms means “I give, give, and give”. Traditionally the word devise was associated with real estate, and the word bequest(which you bequeath) was a personal item. But today, there is no real difference, and so this language is somewh...
If your Executor lives out of Province, the probate courts may be concerned with the Executor collecting all of the assets, and then disappearing. It is therefore possible that the courts may ask your Executor to “post a bond” or put down money as security. This provides some protection for the beneficiaries that the assets will not simply disappea...
One important part of a Will is the naming of a guardianfor minor children. If you have young children, and no parent is available (for example if you are a single parent, or both parents are involved in a common accident), the courts will appoint somebody to raise your children on your behalf. If you have named a guardian in the Will, the judge wi...
If you die without a legal Will in place, you will have died “intestate“and this causes a lot of problems for your family and loved ones. Your Will performs a number of critical functions. Firstly, it puts somebody in charge – your Executor. Without a Will, the courts will eventually appoint an Executor on your behalf. Your Will also appoints guard...
Historically, shall referred to obligation while will referred to personal volition. Few speakers still make the distinction, but in legal terms it is usually upheld. 'He will do it' thus means that he wants to do it, whereas 'he shall do it' means that he is obliged to do it. – Anonym. Jan 31, 2014 at 17:52.
Key takeaways. A legal will lets you document your wishes about estate distribution, guardianship of children and pets, and funeral and burial services. If you die without a will (called “intestate”), a government formula dictates what happens to your children and estate.
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Mar 16, 2024 · Key Takeaways. A will is a document that contains your direct wishes for your property and assets, as well as the care of your dependents. Failure to prepare a will typically leaves decisions ...
