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Codicils in Ontario

Codicils in Ontario

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Published by babyloushmoopey
Codicil in Ontario | Change your existing Last Will and Testament
Codicil in Ontario | Change your existing Last Will and Testament

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Published by: babyloushmoopey on Jun 30, 2010
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07/26/2010

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Michael Carabash
,
 
B.A., LL.B., J.D., M.B.A.
michael@carabashlaw.com
 
Need an Ontario Lawyer? Make a Post. Get FREE Quotes!www.DynamicLawyers.com 
Prepared By:
Page 1 of 9
 
Michael CarabashCodicils in Ontario
DISCLAIMER: Please note that the information provided in this DL Guide is NOT legal advice and isprovided for educational purposes only. Laws are subject to change quickly and without notice. This DLGuide may be outdated. You are always advised to consult with a lawyer to draft a Will or Codicil inOntario, Canada (e.g. make a post onDynamic Lawyers
 
). We have Toronto, Ottawa, Hamilton, Brampton,Mississauga and other Ontario lawyers registered to help you. You can contact
Michael Carabash
Last Updated: March 2010© 2008-2010, Dynamic Lawyers Ltd. All Rights Reserved.
 
Michael Carabash
,
 
B.A., LL.B., J.D., M.B.A.
michael@carabashlaw.com
 
Need an Ontario Lawyer? Make a Post. Get FREE Quotes!www.DynamicLawyers.com 
Codicils in Ontario
 Page 2 of 9Table of Contents
 
Michael Carabash
,
 
B.A., LL.B., J.D., M.B.A.
michael@carabashlaw.com
 
Need an Ontario Lawyer? Make a Post. Get FREE Quotes!www.DynamicLawyers.com 
Codicils in Ontario
 Page 3 of 9
Introduction
A
Will
(also referred to as a
Last Will and Testament
) is a legal document that basically providesinstructions as to how your remaining assets and liabilities are to be dealt with. It also provides forinstructions as to who will be
the ―
Estate Trustee
responsible for administering your final wishes andidentifying who your beneficiaries will be. Finally, a Will can
allow you to appoint a ―
Custodian
‖ for your minor children or dependents and ―
Guardian
of their property.According to section 1(1) of the
Succession Law Reform Act
, R.S.O. 1990, c. S.26, a Will also includes a
Codicil
‖, which is a document that cancels certain parts of your Will or 
adds new parts to it and which mustbe read together with your Will as one document. A person who makes and signs a valid Will is referred toas a
Testator
(for a man) or
Testatrix
(for a woman).When you die in Ontario, your assets are pooled together into something called an
Estate
. An EstateTrustee is appointed in the Will (and a substitute is usually appointed in case the primary estate trustee isunwilling or unable to perform his or her duties) and must:administer the Will by paying out liabilities (e.g. taxes owed, funeral expenses, creditors, etc.);manage remaining assets (e.g. selling them, gifting them, investing them, etc.); anddistribute the residue of the estate (i.e. the remaining funds after everything else is taken care of) tothe beneficiaries designated under the Will.
How can a Will be amended?
If you want to amend your will, you will generally need to create a
Codicil
(i.e. a legal document). TheCodicil is a written document that refers to the Will and the parts that are being altered and must be signed,dated, and witnessed by two parties as per the regular rules of making a Will under the
Succession Law Reform Act
:
s. 18
.Codicils that amend previous Codicils should also state that fact (i.e. that a particular Codicil is beingrevoked). Worth mentioning is that if there are many Codicils, it would probably make sense to re-write the
entire Will (for simplicity’s sak 
e).

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