Wills and Estate Lawyers Brampton

While it is perfectly feasible for you to execute a will on your own, it is highly advisable to engage the services of an experienced lawyer to ensure that the document is legally binding and enforceable when the time comes. In order for a will to be legally binding, the will must be set down in writing in clear language. It must be signed by the testator and witnessed by two people who are not directly connected to any of the beneficiaries of the will. You must also assign the role of executor either to your lawyer or to a trusted associate. At Nanda and Associate Lawyers, our experienced Brampton wills and estate lawyers can help you with all such formalities.

The money in the bank account of the deceased will become part of the estate after their death. Since there is no will, the court will appoint an administrator to manage the estate and settle all the dues, such as the funeral expenses, taxes, debts, and other financial obligations. The remainder of the estate will be handed over to the immediate beneficiaries of the deceased, namely the spouse and children. In other words, if anything is left in the bank account, this amount will be divided among the beneficiaries, with the first preference given to the surviving spouse.

Choosing the executor is an important part of your will. You are entrusting someone with the responsibility to carry out your instructions and distribute your assets to your beneficiaries after your passing. You have to choose someone who will implement your will both in letter and in spirit. Remember that the executor will be making important legal and financial decisions concerning the assets, liabilities, and tax payments in order to effectively consolidate the estate holdings for the sake of the beneficiaries. You will have to assign the role to someone who can handle such responsibilities of estate administration.

Codicil: A codicil is an addendum to your existing will. It allows you to make specific changes to certain provisions of the will without having to execute a new will in its place. Just like a will, the codicil must be written down in clear language, signed by the testator, and witnessed by two competent persons not directly related to the beneficiaries.

A new will: Another option is to execute a new will to supersede the old one. If you are planning to make major changes, then it is best to create a new will rather than execute a codicil. Upon your death, only your last will will be considered valid and legally enforceable.

At Nanda and Associate Lawyer, our wills and estate lawyers in Brampton can assist you with executing a new will or updating your existing will through a codicil. Connect with our wills and estate team in Brampton today!

If you were a co-signer on the debt or had a joint bank account with the deceased, then you will be directly responsible for the debt. If not, then the executor and the estate are responsible for settling the debt. The estate will consolidate the assets and finances to settle all the dues and financial obligations of the deceased. The burden of the debts stays with the estate, which is a separate legal entity and does not fall on the beneficiaries. However, it is worth noting here that the priority of the estate will be to clear all such debts and obligations, and then the remainder of the estate, if any, will be handed over to the beneficiaries.

Yes. However, there might be some variation in the division of property between the spouse and children depending on the provincial laws. For example, in Ontario, if there are no children, the surviving spouse will receive the entire estate. If there is one child, the spouse will receive a preferential share of $350,000, and the remainder will be split equally between the two. If there is more than one child, then the spouse will receive the first share of $350,000 and one-third of the remaining estate. The remaining two-thirds will be split among the children. If the spouse is already deceased, then the estate will be divided equally among the children.

If there is no will, then the spouse and the children of the deceased are entitled to the inheritance as per the provincial laws. The grandchildren are not considered beneficiaries in such cases. However, they will be entitled to their parents’ share if they are also deceased. If there are no children or grandchildren, then the parents of the deceased may be considered beneficiaries. The siblings, nieces, and nephews will be considered next in order if there are no other surviving direct beneficiaries.