How an estate is distributed: Without a will
When a person dies without a valid will, called “intestate”,
Ontario’s Succession Law Reform Act sets out how the estate
is distributed, and this process can take years and some
financial costs.
According to the Act, unless someone who is financially
dependent on the deceased person makes a claim, the first
$200,000 is given to the deceased person’s spouse if he or she
has decided to claim his/her entitlement. The other possibility
is to claim half of the net family property. A lawyer can help
determine which is the better choice.
Anything over $200,000 is shared between the spouse and
the descendants (e.g. children, grandchildren) according to
specific rules.
If there is no spouse, the deceased person’s children will
inherit the estate. If any of them have died, that child’s
descendants (e.g. the deceased person’s grandchildren) will
inherit their share.
If there is no spouse or children or grandchildren, the
deceased person’s parents inherit the estate equally.
If there are no surviving parents, the deceased person’s
brothers and sisters inherit the estate. If any of the brothers
and sisters have died, their children (the deceased person’s
nieces and nephews) inherit their share.
If there are no surviving brothers and sisters, the deceased
person’s nieces and nephews inherit the estate equally. However
if a niece or nephew has died, their share does not pass to
their children.
When only more distant relatives survive (e.g. cousins,
great nieces or nephews, great aunts and uncles), the rules
are complex and you should speak to a lawyer.
If any heir was alive when his or her relative died, but died
before the estate was distributed, that person’s own heirs are
entitled to their share.
When a person dies without a will, only blood relatives,
including children born outside of marriage, or legally adopted
children can inherit. Half-blood relatives share equally with
whole-blood relatives.
Is it legal to make your own will?
Yes, in Canada it is legal to make your own will, as long as
all the pertinent information is included, signed and dated,
and sometimes – depending upon the type of will prepared
– it must be witnessed.
A Holograph will is a hand-written will and it does not need
to be witnessed. There is a specific way to make holograph
wills legally binding documents, so whenever possible consult
with a lawyer – many offer free consultations. Having a hand-
written will is better than not having one at all. •
®
®
Léony deGraaf Hastings, CFP, EPC
Certified Financial Planner
Retirement & Estate Specialist
Burlington’s Senior’s Adviser Who Cares
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Silver & Gold Magazine ~ AUTUMN 2018
31