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Showing posts with the label minors

What Happens if Someone Dies Without a Will in Ontario?

 What Happens if Someone Dies Without a Will in Ontario? In Ontario, when a person dies without a Will, they are said to have died "intestate." This situation can create challenges for the deceased’s loved ones, as the distribution of their assets and the management of their estate are dictated by provincial laws rather than personal wishes. Here’s a breakdown of what happens in such cases. 1. Intestate Succession Law Ontario's intestacy laws govern how the deceased’s assets will be distributed. The distribution follows a hierarchy established by the Succession Law Reform Act . The first in line are typically spouses and children. If there are no surviving children, the estate may go to parents, siblings, or further relatives in a specific order. If no relatives can be found, the estate may ultimately be transferred to the government. 2. Estate Administration Without a Will, no one is automatically appointed to administer the estate. However, an interested party, often a...

What is probate?

  Understanding Probate in Ontario Probate is a term you might come across when dealing with the estate of someone who has died. In Ontario, probate is an important legal process that can impact how an estate is managed and distributed. Here’s a brief explanation of what probate is and why it matters. What is Probate? Probate is the legal process wherein:  1) A deceased person’s Will is validated by the court. It involves confirming that the Will is genuine and that the person named as the executor (the individual responsible for managing the estate) has the legal authority to handle the estate’s affairs.  2) If there is no Will, the court appoints an administrator to manage the estate according to intestacy laws. Why is Probate Necessary? Legal Authority : Probate provides the executor or administrator with official recognition of their role. This legal authority is necessary to deal with banks, transfer property titles, and manage other aspects of the estate. Ensuring V...

Can a minor child inherit?

Did you know that in Ontario, a minor child (under 18) is not entitled to directly inherit funds? However, this doesn’t prevent them from being named as beneficiaries. Since minors cannot manage their own property until they reach 18, here’s how it’s typically handled: If there is a Will: The Will can establish a trust and appoint a trustee, who could be the estate trustee (executor) or another individual. This trustee will manage the inheritance according to the Will’s terms. This method provides the most control, allowing the testator to set conditions for when and how funds are distributed. If There Is a Will Without a Trust Provision or No Will: For Amounts Over $35,000: The child's inheritance is paid into court, managed by the Accountant of the Superior Court of Justice , until the child turns 18. Alternatively, the court may appoint a guardian of property to manage the funds. If you need to access funds for the child’s expenses, you can request money through the Office of th...