As a property owner in the Greater Toronto Area, having a will is essential to protect your real estate assets. A will ensures that your property is distributed according to your wishes after you pass away, preventing legal disputes among your heirs and ensuring a smooth transition of ownership.
Without a will, Ontario’s intestacy laws determine how your property is distributed, which may not align with your intentions. For example, if you own a rental property or multiple homes, a will allows you to specify how these assets are handled—whether they are sold, passed on to a specific family member, or held in trust for minors.
Real estate wills can also address concerns like capital gains taxes and estate administration taxes, helping your heirs manage the financial burdens that may arise. Additionally, if you have tenants, a will can specify how rental agreements should be handled, providing clarity for both your family and your tenants.
Consulting a GTA real estate lawyer ensures that your will covers all aspects of your property and complies with Ontario laws, reducing the risk of future legal challenges.