Provincial estate laws are not equal for same sex couples.
Everyone should have a will. But financial planning for same sex couples is vital because Canadian provincial laws aren’t uniform.
LIFE INSURANCE FOR SAME-SEX COUPLES
Ontario was the first Province to recognize same-sex marriages in 2003. But it still has discriminatory practices when it comes to common law couples. Can you believe that in Ontario if you’re in a common-law relationship and your partner passes without a will that you have no legal right to anything?! Instead, assets go to the closest blood relationships like such as parents, children or siblings. That means if your partner passes, and you’re common-law, you’ll have to fight using other provincial legislation for a share of assets or for financial support. Clearly Ontario is still in the dark ages. Shocked? Well, they aren’t the only province with their head in the sand…like ostriches).
WHY A DOMESTIC CONTRACT?
Besides a trusty will, you may also want to get a “domestic contract.” That’ll outline what happens if your common-law relationship ends. We know it’s not an easy discussion to have, but it’s important—especially if there are kids involved.
WHO’S YOUR BEST BENEFICIARY?
You should also carefully consider who you name as a beneficiary for any life insurance coverage you may have. If you name your common-law partner as your beneficiary, you’ll be sure they’ll get the proceeds —free of tax, with no delay. It’ll bypass the will so nobody can challenge it.
NO MATTER HOW YOU RIDE, WE’VE GOT YOU COVERED.
On a horse? A unicorn? An ostrich? No matter how you ride through life, you deserve honest answers, no pressure, and no bull.
