Dying Without A Will -- What happens to the Money?
Where a person dies leaving a Will, the document usually states how the estate should be distributed and to whom. However, where there is no Will, that person’s estate would be distributed in accordance with the Succession Law Reform Act. This legislation lists the family members who would be eligible to share in the estate, and ranks them in the order of priority to receive. It is only after exhausting the list of family members that the estate would be transferred to the Government.
Where the deceased dies without Will, the estate cannot be distributed until an Application is made to the court to appoint executors and trustees. Upon appointment, the executors and trustees will now have permission perform the necessary tasks to wind up the estate which will include distributing the deceased’s property among the eligible family members. This is a very expensive process and thus underscores the need for one to have a Will in place prior to death.
Our firm has lawyers that are able to assist in preparing a Will, and if required the documentation to be filed in court to have the executors and trustees appointed so the estate can be distributed.