If you die without a will, here’s what happens to your assets

This article was written by Canada Life, October, 2004

If you die without a will:

· Your estate may be divided in a way you may not have wanted

· Someone will be appointed to administer your estate, rather than you choosing the person you want.

· The courts will appoint a guardian for minor children, and it may not be the person you would have chosen.

· Your assets may be frozen, which means no one has access to money or property until the estate is settled.

· A minor’s inheritance may be frozen until he or she reaches the age of majority.

· Your estate or your heirs may have to pay more taxes.

You’ve worked hard to build your estate, so don’t leave it up to the courts to decide how it should be distributed. Each province and/or territory has its own laws on how your assets will be distributed when you die, as this chart shows:

	If you are survived by:
	Spouse only	Children only	Spouse plus one child	Spouse plus children
Alberta	All to spouse	All to children	First $40,000 to spouse; balance split equally	First $40,000 to spouse; 1/3 balance to spouse; 2/3 to children
British Columbia	All to spouse	All to children	First $65,000 to spouse; balance split equally	First $65,000 to spouse; 1/3 balance to spouse; 2/3 to children
Manitoba	All to spouse	All to children	All to spouse	All to spouse
New Brunswick	All to spouse	All to children	Marital property to spouse; balance split equally	Marital property to spouse; 1/3 balance to spouse; 2/3 to children
Newfoundland and Labrador	All to spouse	All to children	Split equally	1/3 to spouse; 2/3 to children
Northwest Territories/Nunavut	All to spouse	All to children	First $50,000 to spouse; balance split equally	First $50,000 to spouse; 1/3 balance to spouse; 2/3 to children
Nova Scotia	All to spouse	All to children	First $50,000 to spouse; balance split equally	First $50,000 to spouse; 1/3 balance to spouse; 2/3 to children
Ontario	All to spouse	All to children	First $200,000 to spouse; balance split equally	First $200,000 to spouse; 1/3 balance to spouse; 2/3 to children
Prince Edward Island	All to spouse	All to children	Split equally	1/3 to spouse; 2/3 to children
Quebec	All to spouse	All to children	1/3 to spouse; 2/3 to child	1/3 to spouse; 2/3 to children
Saskatchewan	All to spouse	All to children	First $100,000 to spouse; balance split equally	First $100,000 to spouse; 1/3 balance to spouse; 2/3 to children
Yukon	All to spouse	All to children	First $75,000 to spouse; balance split equally	First $75,000 to spouse; 1/3 balance to spouse; 2/3 to children

Other articles included this month:

Make your wishes known in case of incapacitation. The Schiavo case highlights the need to put medical care directives into writing in the event that you can’t act for yourself

Return to July/August 2005 The $$$ Maker Report

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Source: CCH Canadian Limited's Administration Guide (October 2004)