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What Happens if You Die Without a Will

What Happens if You Die Without a Will?

OVERVIEW

In Ontario, if you die without a will your property is distributed in accordance with intestacy rules set out in Part II of the Succession Law Reform Act (Ontario) (the “SLRA”).

Under the SLRA rules, who gets your property after you die depends on whether you’re married and how many children you have.

MARRIED WITHOUT CHILDREN

If you’re legally married and have no children your estate goes to your spouse. It is important to note that this happens even if you’re separated from your spouse but have not had a divorce.

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What is a Corporate Reorganization

The Canada Business Corporations Act and other federal laws set forth a fairly narrow definition of a corporate reorganization, primarily applying to corporations that are insolvent, or in other words, bankrupt. In general, insolvent corporations reorganize or dissolve, and those are both obviously forms of reorganization. However, in common usage, reorganization has taken on a broader meaning that can include any number of measures by a corporation that have nothing to do with insolvency or bankruptcy. Anytime a business changes its structure in some way, that is considered a reorganization in the business world. The changes can be minor or significant – reorganization is a flexible tool for business to accomplish any number of goals.

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Forming a Business Requires Planning

Obviously, no one starts a business on a whim and one day just opens up shop. Months, sometimes years, of planning occur before a business actually opens to the public. From the most basic of questions, such as what kind of business you plan to engage in, to more complicated questions, including whether you will have partners or investors, who will own how much of the business, and related issues, a great deal of thought goes into forming and opening a business. Often, opening a business can be the most expensive, ambitious, and risky endeavour you will ever undertake. Proper planning matters.

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