According to the law, common-law relationships are not treated the same as married couples in Ontario. If your common-law partner dies without a will and has not named the surviving partner a beneficiary on their assets, the survivor will be omitted from the estate and all assets will be divided amongst children and the deceased’s family.
Wills & Estates
Your pets are a big part of your family. So, what happens to them after you are gone? If you are suddenly incapacitated or pass away, do you have a plan for your beloved pet?
As you can imagine, there are many factors to consider when estate planning with blended families.
Should I add my child to the title of my home? When your child is listed as a joint tenant, it is likely that the home will be their primary residence. There will be potential income tax complications, like capital gains, from doing this. In Ontario, your child will forfeit their first-time buyer’s exemption for the property transfer tax on the home purchase.
In Ontario, probate fees are among the highest in the country. There are some ways that you can help your loved ones avoid paying some estate administration tax (EAT) after you are gone.
A Secondary Will can help reduce the amount of tax that your loved ones will have to pay in EAT. A Secondary Will is not applicable to everyone, though. Your Secondary Will only covers assets that are not required to go through probate.
When thinking about guardianship for your minor child, finances can be a concern for your guardian. On the blog we have some questions that you need to put some thought towards when thinking about the future for a potential guardian and your child.
Estate planning is a topic that a lot of people avoid.
Allison McMurter-Hughes sat down with Gary Hibbert and talked about the first steps to estate planning and what you need to do today to prepare for the future. Listen now.
If you are gone, who will be responsible for your child(ren)? What factors should you consider when choosing a guardian? McMurter & Associates can help.
Perks of Having a Will for Your Real Estate Investment – Shares Brian C. McMurter, a 2022 ThreeBestRated Award-Winning Real Estate Lawyer
Have you put off creating your Will because you can’t choose a guardian for your child? If you answered “yes”, you are not alone. If you die without naming a guardian for your minor child, three things can happen.