4 Changes related to Succession Planning

June 21, 2021 | Michael Tse


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Changes to Ontario wills and the probate process

Laws and regulations are constantly changing to fit the needs of society.  Ontario has recently amended a few areas related to wills and the probate process that may have an impact on you. These are four changes that have made been recently:

Ontario probate process: The government aims to simplify the process for managing small estates. Currently, applying to manage an estate is the same regardless of the size. The process can be very time consuming and expensive, deterring people from going through the probate process for smaller estates. Changes have been made for the probate process for smaller estates that are $150,000 and less to make it faster and less costly. Some of these changes include:

- Removing the requirement to post a bond for small estate probate applications

- Simpler application forms

- Removing certain documents to be filed

Source: Ontario Website

Virtual signing and witnessing on wills and POA’s: With the pandemic, the government has adapted some of their processes regarding wills and POA’s (Power of Attorneys). One of the temporary changes allowed wills and POA’s to be witnessed remotely through means of audio-visual communication technology (i.e. online virtually). This change has been made permanent under Bill 245.

Source: Accelerating Access to Justice Act – Bill 245

Dying intestate: When an individual passes away without a will, they are to die intestate. In these circumstances, the Ontario’s Succession Law Reform Act will set out how the assets within an estate are distributed. One of the changes made to this act is that the share of an estate that  a surviving spouse may be awarded may in some instances increase from $200,000 to $350,000 if the individual passes on or after March 1, 2021

Source: Succession Law Reform Act

Wills and marriage: The succession law that revokes a will by marriage is now repealed. In short, the will made before marriage can still be in effect. Therefore, it is important to review one’s will after your marriage to ensure your intentions are appropriately reflected.

Source: Accelerating Access to Justice Act – Bill 245

Laws and processes related to will and estate planning can change without many clients taking notice. It is important to review the planning that had been completed in the past to ensure that it is up-to-date with current legislation. Your wealth advisor, will & estate consultants and lawyers are here to help.

 

 

 

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Estate planning