| | pinkflamingos said "| | | Jm69 said "What happens to my properties and investments in case I passed away if I did not execute a will? " |
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I am not lawyer, but the law states that if you have a spouse or common law partner, it all goes to your spouse or common law partner. If you have children with your current spouse, then your spouse still receives the full estate. If you have children with someone who isn't your current spouse, it is split 50/50 with one share to your spouse and one to your children. If you are not married/common law and have no children, it goes to your parents.
It is still a very good idea to have a will however. It is always possible for these laws to be argued or simply not dealt with the way you want. You can read the Manitoba Intestate Succession Act if you want to get specific about what happens when you die without a will. " |
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You're referring to the right of survivorship. That only applies to certain types of communal property, such as a home that's resided in together and sometimes joint bank accounts, investments. But, for example, if the OP has any accounts solely in their name and dies intestate, it may not necessarily go to the surviving spouse.
Also, if the OP has a previous marriage, especially if the new relationship is only common-law, there's the risk that the courts could grant the estate to the former spouse. Divorce doesn't automatically end entitlement by a former spouse (i.e. a will completed prior to divorce will remain in effect until it's updated accordingly) although remarriage, if I remember correctly, will make a previous will null. But the court could still decide that the OP has obligations to previous spouses or children if there's no will to state otherwise.
Wills can actually be very complex. I've had to redo mine several times over the course of my life as my situation changed over the years (marriage, divorce, home ownership, remarriage, children, children with disabilities, etc). It's worth paying a lawyer to do it right, and to explain your options and obligations. Most lawyers will also allow to you make a limited number of changes to a will once you complete one with them (a codicil) without charge.