Friday, 3 March 2017

Marriage: What is the true value of that piece of paper? - What’s on Your Mind? March 2017 Edition

Today it is common to co-habit instead of getting married.  After all it is just a piece of paper.  Who needs it to prove your love.  You are committed to each other so why bother with the hassle and expense of getting married.  

You may want to re-consider this decision to forgo marriage in favour of living together.  Do you realize that if you are living together when your partner passes away and there is no will, you may be out of luck getting your share of the estate?

Any children you have together or if your partner has children, would be entitled to the full estate.  You would have to apply to the courts to get some kind of support if you were dependent on your partner to live.  This means you are taking the children to court to get some of their entitled inheritance.  How do you think this would affect your relationship with the children?  If you were financially providing for yourself, your chances of getting a share of the estate could be slim.

Any old insurance policies that have not had the beneficiaries updated could also exclude you in the event of an unexpected death even if there was a will.  

Know your rights and make an informed decision regarding whether to marry or co-habit.  This is a time when surprises could affect your future in a negative way.

Linda J. Levesque, CFP®, FMA, FCSI
Sr. Investment Advisor
Director, Private Client Group
HollisWealth Insurance Advisor
HollisWealth Insurance Agency Ltd.
Levesque Wealth Planning
HollisWealth, a division of Scotia Capital Inc.
One Corporate Plaza, 2075 Kennedy Road, 5th Floor, Toronto, ON M1T 3V3
Tel: 416-412-8018 / 1-800-322-4030  Fax: 416-332-6772


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Advisor and Director, Private Client Group of HollisWealth is an author in The Authorities, Powerful Wisdom from Leaders in the Field.  If you're ready to jump-start your life, have more fun and joy in all that you do, get a FREE consultation from Linda J. Levesque 

This article was prepared solely by Linda J. Levesque who is a registered representative of HollisWealth® HollisWealth is a trade name of Scotia Capital Inc. and HollisWealth Insurance Agency Ltd.  HollisWealth is a division of Scotia Capital Inc., a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.  Brokerage services provided by HollisWealth are provided through Scotia Capital Inc. Insurance products provided by HollisWealth are provided through HollisWealth Insurance Agency Ltd. ® Registered trademark of The Bank of Nova Scotia, used under licence. The views and opinions, including any recommendations, expressed in this article are those of Linda J. Levesque alone and not those of HollisWealth.
   Levesque Wealth Planning is a personal trade name of Linda J. Levesque.

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