If you're making the Last Will there are 4 things that you should think about.
1. Who do I want to leave my property to after I pass away?
2. Who's the person that I want to appoint to take care of all of my property and affairs after I die?
3. You need to think about any responsibilities you have to your loved ones to care for them after you die. Think children, think elderly parents.
4. Once you put your mind to all of that, you'll get in contact with the lawyer and the lawyer will help you write your last will.
This can
depend on the Will itself. Some factors to consider are:
If the
Court is satisfied with the answers to all of these questions, and an executor
has already been appointed outside Ontario, it may grant that executor the
right to administer the deceased’s property in Ontario, too.
There’s a popular misconception that if I die without a last
will everything goes to the government. That's actually not true.
If you die without a last will in Ontario there is a whole
system in the law for who gets your property after you die.
If you have a spouse everything is left to your spouse, if
you have a spouse and children everything is divided between your spouse and
your children, and if you don't have a spouse or children everything is divided
between your closest living family members.
There are 3 basic ways in which most simple Estates may be
required to pay taxes.
1.
If all or part of your state is being submitted
to Probate, you'll need to pay what's called an Estate Administration Tax on
that portion.
2.
If you have to sell property or shares in a
corporation, your state may need to pay Capital Gains Tax on the proceeds from
the sale of that property.
3.
Lastly your Estate will need to file a tax
return for the year in which you die until your Estate is wrapped up and all of
the money is paid out.
