Why Dying Without a Will Could Leave Your Family and Business in Chaos
Imagine this: You’ve spent years building your business, securing your family’s future, and planning for the road ahead. But there’s one crucial detail you keep putting off—updating your will. Or worse, you don’t have one at all.
It’s easy to think, “I’ll get to it eventually.” But what if “eventually” never comes?
A Story Too Familiar
A close family friend faced an all-too-common tragedy. Her ex-husband passed away suddenly, leaving behind an outdated will that hadn’t been touched in years.
As his ex-spouse, she unexpectedly became the default beneficiary and executor—roles she neither expected nor wanted. The outdated will ignored his current relationships and didn’t reflect his intentions.
The fallout? The estate became tangled in costly probate, assets were frozen, and settling his affairs, which should have taken months, will likely drag on for years.
This situation isn’t unique. In fact:
51% of Canadians don’t have a will.
Many of those who do haven’t updated their wills to reflect life changes.
Without a clear, updated will, your estate—and your loved ones—are at the mercy of outdated documents or government rules.
What Happens If You Die Without a Will in Ontario?
If you die without a will (intestate), the Ontario government steps in. Your assets are distributed according to the Succession Law Reform Act, which uses a rigid formula that likely won’t match your wishes.
Here’s an example of how your estate might be divided:
Estate ValueRecipientAmount Received$500,000Spouse$350,000 (Preferential Share) + $50,000 (1/3 of remainder) = $400,000Each Child (3)$100,000 (2/3 of remainder, split equally) = $33,333 each
This formula doesn’t account for blended families, minor children, or charitable giving. Worse, it often leaves families in disagreement and confusion over what should happen.
The Role of the Office of the Public Guardian and Trustee
If there are complications, such as minor children or unclear beneficiaries, the Office of the Public Guardian and Trustee manages the estate.
While this ensures the estate is handled legally, it often comes at a high emotional and financial cost.
Delays: Estates can take years to settle.
Costs: Additional legal and administrative fees eat away at the estate.
Stress: Families are left in limbo, with little control over the process.
For business owners, the consequences can be devastating. Without a will, your company may face uncertainty, putting employees, clients, and your legacy at risk.
The Hidden Burden of Probate
Even with a will, probate can be time-consuming and expensive. Without one, the process becomes even more complicated.
What Is Probate? Probate is the legal process that verifies the validity of a will and oversees the distribution of assets.
What’s at Stake? Without clear instructions, assets can be tied up in probate for months or years, incurring additional fees and delays.
For families, this means more stress during an already difficult time. It can mean financial instability, lost revenue, or even closure for business owners.
Take Action Today to Protect Your Family and Legacy
The story of our family friend is a cautionary tale. Her ex-husband’s outdated will created unnecessary hardship, stress, and financial losses—all of which could have been avoided.
Here’s how you can take control of your legacy:
Update Your Will
Make sure your will reflects your current relationships, assets, and wishes.
Review it regularly, especially after significant life changes like marriages, divorces, births, or deaths.
Check Beneficiaries
Review your RRSPs, insurance policies, and other accounts. Outdated beneficiaries can lead to unexpected outcomes.
Consider Estate Taxes
Work with a professional to minimize taxes and ensure more of your assets go to your loved ones.
Plan for Business Continuity
If you’re a business owner, include clear instructions for what happens to your company in your will.
Work with a Professional
A lawyer or estate planner can guide you through the process and help you avoid common mistakes.
Resources to Help You Get Started
Estate planning doesn’t have to be complicated. Tools like LegalWills.ca make creating or updating your will quick and accessible. In less than 20 minutes, you can have a legally binding will in place—one that protects your family and aligns with your wishes.
Take advantage of this comprehensive online will package and ensure your loved ones are cared for.
Why Estate Planning Is About More Than Money
Creating or updating your will isn’t just a legal formality—it’s an act of love. It’s about sparing your family unnecessary stress, avoiding costly delays, and ensuring your legacy reflects the care and thoughtfulness you’ve always shown them.
Don’t wait until it’s too late. Take the time today to protect your family, secure your business, and leave a legacy of clarity and care, not chaos.
