What Does Dying Intestate Mean?
Dying intestate means departing without a will in place. When this occurs, provincial laws step in to determine how your estate is handled, including the appointment of an executor. Your estate encompasses all your assets and debts. However, the government's decisions may not align with your family's specific needs. To ensure your wishes are honoured, having a valid legal will is essential.
What Happens When You Die Without a Will?
The consequences of dying intestate can be unsettling for your loved ones. They may be surprised to discover you didn't have a will and that significant time, money, and effort will be required to settle your estate. The absence of instructions on asset distribution, funeral preferences, and body disposition can lead to delays. If you pass away abroad without a will, the situation can become even more complex, adding stress to your loved ones.
Who Becomes the Executor?
In the absence of a will, someone must apply to the court to become the administrator or personal representative of your estate. In Ontario, this person is known as the Estate Trustee. The duties are similar to those of an executor, but the administrator can't act on your behalf until court permission is granted, which may take time. With a legal will, someone can act immediately upon your passing.
Who is Guardian of your Minor Children?
If you have dependent minor children without another surviving parent, the court will appoint a guardian. This individual assumes full parental rights and responsibilities, which may not align with your preferred choice. Your children's inheritance is held in trust until they reach the age of majority (18 or 19, depending on the province). In Ontario, without a will specifying a trust for minors, their inheritance is typically held by the court until they turn 18, which can pose financial challenges for a surviving spouse raising a family.
Inheritance Law in Canada Inheritance refers to the distribution of assets after a person's death, and it typically follows two paths. In the unfortunate circumstance of dying without a will (intestate), provincial rules govern the estate's disposition. While many provinces have similar inheritance laws, understanding your specific jurisdiction's nuances is crucial.
Inheritance Without a Will
Inheritance Law in Canada Inheritance refers to the distribution of assets after a person's death, and it typically follows two paths. In the unfortunate circumstance of dying without a will (intestate), provincial rules govern the estate's disposition. While many provinces have similar inheritance laws, understanding your specific jurisdiction's nuances is crucial.
Without a will, you lose the ability to choose beneficiaries for your estate. This means you can't allocate funds to your preferred charity, leave gifts to close friends, or have your estate distributed according to the laws in Islam. Your estate is distributed according to provincial laws with limited flexibility.