Know how it can affect your assets and taxes
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Know how it can affect your assets and taxes
People will often confuse having a document notarized and having a document commissioned. Understanding the difference between a notary public and a commissioner for oaths can be confusing. This misunderstanding can lead to spending money you do not have to, delays in completing documents, and the rejection of a document being submitted.
Remember that your lawyer knows your side of the transaction but is blind to the purchaser's side. Your lawyer will be unaware of how the purchase will be arranging the closing funds, or if there are any issues which might impede the flow of funds needed for closing. These can cause delays:
What Is The Difference Between A Notary Public And A Commissioner for Oaths
Under Ontario law, a common law spouse can only make a claim under the succession law reform act as a dependent and may not be able to claim against assets so if you want them to have a right to a property for example and their name is not on it then you need a will.
Generally, there will be two appointments:
A professionally drafted Will is generally comprised of several parts:
If you die without a Will, you will be deemed to have died "intestate" (i.e. without having left instructions as to how your property and assets are to be divided and distributed).
It is crucial for everyone to have a carefully drafted, up-to-date, and valid Will that has been reviewed by a lawyer. The consequences of dying without a will can be significant.
Your Will is a breathing document and should be reviewed on an ongoing basis to ensure it reflects your current life situation.
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