Beware of Family Law Issues

In some circumstances, your estate or the succession may not be divided exactly as you wanted. All provinces have family law legislation (family patrimony in Quebec) that deals with the division of assets acquired during a marriage in the event of its breakdown. The legislation may also extend to the division of assets on the death of one spouse or partner. In Ontario, for example, the surviving spouse or partner is entitled, broadly speaking, to one-half of the increase in value of assets accumulated during the marriage (with some exceptions). If the deceased spouse's or partner's will provide less than this to the surviving spouse or partner, he/she may, by law, demand an equalizing payment from the estate. Other provincial laws may allow a spouse or partner, child or other close family member who was financially dependent on the deceased during his/her lifetime continued support from the estate, even if he/she intentionally omitted that person from the will. Your lawyer or notary should be able to explain your rights and obligations under the applicable legislation and recent court decisions that may affect such legislation. In the case of common-law or same-sex relationships, provincial legislation should always be reviewed with your lawyer or notary.

GETTING ADVICE

A will requires careful planning to ensure all essential matters are covered. It should also be reviewed periodically and discussed with a qualified advisor or team of advisors to incorporate any changes in your personal circumstances.

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