Kids Getting Married? Time to Review your Estate Plan

Family law considerations are an important and often overlooked component of a proper estate plan. Parents are generally concerned about protecting their family wealth in the event of a child’s divorce, but in many cases a marriage contract (a.k.a. a prenup) is not an option.

Particularly with first marriages, parents will often say that they would like their son or

daughter to have a marriage contract but unfortunately the child is in love and does not want to propose such a thing on the eve of their marriage.

In these cases, there is a need to educate the parents so they can know their options for

protecting the family’s wealth going forward. First and foremost, it is important that the

parents’ wills includes robust family law provisions which clearly state the parents’ intention to exclude any gifts from the child’s division of net family property in case of divorce. We regularly review wills where the family law protection language employed is inadequate, so even if you already have wills it is a good idea to have them reviewed to check this.

Besides having well-drafted wills, there are many other instances where parents seek to help their children and where family law considerations come into play.

For example, a parent may wish to assist their child with the purchase of a home or they may establish a family trust with their children and grandchildren as beneficiaries. In these cases, it is essential that the parents receive legal advice from someone who understands the family law implications and can propose alternative strategies.

If you have a child who is getting married, it is a good idea to consult an estates lawyer to ensure that your wills and other trust and business planning documents are up-to-date.

Contact us

For more information, please contact me.

Paul Taylor

Taylor Estates Law

150 King Street West, Suite 200

Toronto, Ontario Canada M5H 1J9

T.416.995.4024 F.416.862.8330

paul@taylorestateslaw.com

www.taylorestateslaw.com