Ontario has amended its regulations under the Successional Law Reform Act to reflect a monumental change in the distribution of an intestate estate (when an individual dies without a will) for legally married spouses in Ontario.
Under the previous law, a spouse of an intestate would inherit what is called the “preferential share” from their legal spouses estate of the first $200,000.00. If the estate was worth equal to or less than the preferential share, the spouse would receive the entire estate.
However, under the new amendments, the spouse of an intestate will inherit a greater preferential share of their spouses estate if their spouse died after March 1, 2021. The previous preferential share of $200,000.00 is increased to $350,000.00 with the same rules of distribution – such as the first $350,000.00 to the spouse, and the remainder being divided amongst other beneficiaries.
Contact us at Humphreys Law to get a new will or update your current will as well as advice on all things real estate, estates and estate planning.