Marriage Revokes Wills Unless ...
Although we are presently in the midst of a cold freeze here in Toronto, many newlyweds are glowing with happiness as they prepare for their weddings. Yes, the wedding season is right around the corner, and with that said, it might be just as important for those who are getting married, to consider reviewing their wills.
The general rule regarding marriages and wills are set out under Section 15(a) of the Succession Law Reform Act ("SLRA"): A will or part of a will is revoked by marriage, unless it is saved by a provision under section 16 of the SLRA. Section 16 of the SLRA states:
1. A will is revoked by the marriage of the testator except where,
(a) there is a declaration in the will that it is made in contemplation of the marriage;
(b) the spouse of the testator elects to take under the will, by an instrument in writing signed by the spouse and filed within one year after the testator’s death in the office of the Estate Registrar for Ontario; or
(c) the will is made in exercise of a power of appointment of property which would not in default of the appointment pass to the heir, executor or administrator of the testator or to the persons entitled to the estate of the testator if he or she died intestate. R.S.O. 1990, c. S.26, s. 16.
An article published in the Globe & Mail, entitled, "Holy matrimony! Time to review your will," reminds us of the importance of reviewing our wills. Some good points raised in this article were:
1. Have a backup plan. You need to name a replacement in the event that your executor dies, becomes ill or is incapacitated, otherwise someone will have to apply to the courts to do the job.
2. Count your blessings. Have you had any children since you wrote your will?
3. Take stock of your assets. Outdated descriptions of your assets can create confusion when you die.
4. Leave no grey areas. Ambiguous wording in your will can lead to more than one interpretation.
5. Protect your disabled child. Some parents leave outright bequests to children who are on government disability support plans, unaware that this can put these benefits at risk. You should consult with a professional to obtain advice.
6. Plan for death and taxes. If you hold shares in your own company, you have the right to make two wills. You should consult with a professional to obtain advice.
Thank you for reading,
Rick Bickhram - Click here for more information on Rick Bickhram.
