What If You Die Without a Will?
If you die without a Will you are considered to have died
"intestate." Unfortunately, many individuals believe that
if they were to die without a Will that their estate would simply
pass to their spouse. While a spouse and children will likely end up
with the estate's assets it is very likely it will not happen exactly
as you would have intended.
Each province has a set of intestacy rules that define the estate's
beneficiaries and how much each is to receive. These rules are fairly
simple in that they do not allow for any flexibility in how much and
who will benefit from your estate.
Typically, the spouse will receive a preferential share of the
estate ranging from the first $40,000 to $200,000 of estate assets.
The balance of the estate is divided between the surviving spouse
and children.
Most provinces do not recognize the common-law spouse status under
their intestacy rules. This may result in a common law spouse being left
out of the estate entirely. However, in most provinces, a common law spouse
may petition the courts for support as a dependent.
In addition to the above issues, there are many other problems that
can arise from dying without a Will.
For more information on Wills, please see:
Methods of Transferring Your
Estate.
Take the next step…talk to an advisor.
Our Investment Advisors
are here to help recommend the solutions that are best for you. To learn
more, please contact an advisor
today. Or, ask an advisor to contact
you.
|
