Did you know that if you get married any Will pre-dating your marriage will be revoked?
Consider this:
Bob prepares a Will leaving his assets equally to his siblings. Bob subsequently marries. One year after the wedding, Bob suddenly dies.
Who is Bob’s beneficiary? Answer: Bob’s spouse.
In Ontario, legislation states that a person’s Will is invalidated if a person gets married after they have prepared their Will. Although there are exceptions to this rule, many people are unaware of the impact their marriage can have on their estate wishes.
If Bob has not made a new Will after his marriage, he will be deemed to have died “intestate” (i.e. without a will). In such a case, legislation has pre-determined how a person’s assets will be distributed. In Bob’s case, none of his assets will go to his siblings and everything will go to his new spouse.
TAKEAWAY: It is critical to review your will and speak to your lawyer when significant events occur in your life, especially marriage.
DISCLAIMER: This publication is intended to provide general information about legal issues. It does not constitute legal advice and must not be treated or relied on as such.