It's wedding season! There are new laws that impact your marriage and your future!
You are planning a wedding – the checklist is complete – but have you thought about your Will? Do you have a Will? Have you considered what happens when you get married?
There are many hard conversations that happen when you get married! Your wishes for the future are one of those conversations. Getting your estate in order, after marriage, is important to ensure your new spouse and/or children are provided for financially in the future.
You are not only changing your legal status, but your future financial status will be changing also. As a married person, you may now file taxes together, share your income and expenses together, and buy property together – most importantly, you will now be recognized by the government as a married individual whose assets (upon death) need to be allocated according to certain laws. Once you understand these laws, your future estate plans can be shaped accordingly.
As of January 1, 2022, Bill 245 came into effect. The Succession Law Reform Act has a variety of changes – one notable one is the changes to the marriage provisions.
In order to determine how to plan your future with your spouse, you will need to determine which criteria apply to you –
- I have an Existing Will
It might surprise you to know that before January 1, 2022, if you had a will and later married – your will was automatically revoked. This is not the case now – your marriage will no longer revoke your will.
Now, if you get married, your will stays intact and whomever your Will assigns as beneficiaries, will remain.
This is an important time in your life. Marriage brings about many changes and documents to sign – one important one to consider is your Will. Ensuring your intentions are met for your future is an important consideration.
- I don't have a Will
If you die intestate (without a Will), your spouse will receive the first $350,000 of your estate. The remainder will be distributed between your spouse and your children. A lawyer can assist you in developing a plan for your future that meets all your intentions.
- I want to make a New Will
With a wedding under your belt, and looking towards your future – it is a great time to discuss what you can control about your future. Is your wish to ensure that your spouse and your future children (or existing children) are protected and provided for? Then you will need to specify this in a new Will.
- I have a previous spouse – Separation and Divorce
Under the previous legislation – a separated spouse had property rights. Under the new legislation, even if you are not divorced yet, separation will be treated as if you are legally divorced when it comes to your estate. You will be considered separated if you have been living separately and apart for 3 years, have a separation agreement, or a court-ordered separation agreement.
If you left any gifts to a separated spouse, these will now be revoked. The Will will be viewed as if the separated spouse predeceased you (unless there is wording to the contrary in the Will).
Under the Family Law Act, these changes also reflect the entitlement to reflect as $0.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
