ESTATES:
IF YOU DIE WITHOUT A WILL ("Intestacy")
If you die without a Will, your assets/estate would be divided according to Ontario's intestacy laws. After payment of all debts, your estate, as per law, would be divided as follows:
- the first $200,000 is payable to your legally married spouse ("preferential share")
- If you leave a spouse and one child, the child is entitled to 50% of the residue of your estate after the preferential share and your spouse is entitled to the other 50%. Example: Estate value is $300,000, the spouse gets the first $200,000 plus 50% of the residue = $50,000, for a total of $250,000 and the child gets the remaining $50,000
- If you leave more than one child, your spouse is entitled to only one-third and the remaining two-thirds is divided equally among your children
If you die without a will, pursuant to the Estates Act, the following family members in descending order, are entitled to apply to the Court for a Certificate of Estate Trustee without a Will:
-
surviving spouse
-
children
-
parents
-
brothers and sisters
Any individual applying to become an Estate Trustee without a Will, is required to obtain the consent of everyone with a prior right. Example, if the child of the deceased is applying, then the spouse of the deceased must consent.
In the event there are no relatives or more remote relatives to make the necessary application of appointment, the Public Guardian and Trustee of the Ontario government will apply, allowing the Government to distribute the estate assets.
Probate fees are $5 per $1,000 on the first $50,000 and $15 per $1,000 over $50,000. Example, if an Estate is worth $90,000.00 the Probate fees are calculated as follows:
$50,000 - $5 x $50 = $250.00
$40,000 - $15 x $40 = $600.00
$90,000 - Total $850.00
