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If someone dies without a will in Canada, his or her estate will be divided by the provincial government through a process known as probate. What this can mean is that a person's assets will not go to the beneficiary the individual may have desired, but will be distributed according to a formula. The best way to avoid this and ensure that the intended beneficiaries receive the assets is through estate planning and the drafting of a will.
Estate planning is not the most popular subject to consider, and people in Ontario sometimes might put it off as long as possible. However, timely estate planning offers several advantages, such as reducing overall taxes in addition to taxes upon the person's death. Setting affairs in order as soon as possible can also ease the transition of business interests and is conducive to ensuring that estate planning goals are achieved.