Blog - February 10, 2022
New year, new law. As of Jan 1, 2022, new subsections were added to Ontario’s Succession Law Reform Act (SLRA) that will protect people who haven’t updated their will following a separation.
The new law also states that marriage no longer revokes a will in Ontario — this is huge; prior to this change, the law stated that marriage did revoke the prior will. Unless a will states otherwise, a divorced or separated couple will not be entitled to any portion of their former spouse’s estate.
Separated couples, on the other hand, must meet certain requirements.
– The couple was living apart due to a marriage breakdown for a minimum of three years or more before death.
– The couple had a valid separation agreement, court order or family arbitration award in place before death
Dare we say this will also protect individuals (and their families & loved ones) who marry someone significantly younger (we’re talking Anna Nicole Smith type scenarios). Love is love. Marry the person who floats your boat, but make sure you have the proper documents in place – and updated – to ensure your wishes are fulfilled as intended upon your death.
The key takeaway is that any time you go through a life event like marriage, separation, or divorce, review your will with a legal professional to make sure it is valid and up to date.
Opinions expressed in this article are those of WLWP Wealth Planners only and do not necessarily reflect those of iA Private Wealth.
iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Private Wealth is a trademark and business name under which iA Private Wealth Inc. operates.
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