What Happens if I Die Without a Will?
Despite death being a certainty in life, many Canadians do not have a will.
If you die without a will (intestate), provincial legislation dictates where your assets go on death (after the payment of all debts and taxes of course). Ontario’s Succession Law Reform Act sets out the following priority rules:
If you have a surviving spouse and no children, your assets go entirely to your spouse.
If you have a spouse and one child, the spouse is entitled to the first $350,000 of your estate (called the preferential share), and the remaining assets are split 50-50 between your spouse and child.
If you have a spouse and two or more children, the spouse is entitled to the first $350,000.00 of your estate and the remaining assets are split one-third to the spouse, and two-thirds equally between your children.
If you have no spouse, your assets pass equally to your children (with giftovers to grandchildren if a child has predeceased you).
If you pass away without a spouse or surviving descendants, your assets pass equally to the following relations, in order of priority: parents first, then siblings, nieces and nephews, and finally, if none of the above, equally between your next closest degree of blood relations.
Importantly, a common law partner is not considered a spouse under the legislation and will not inherit any of your assets as a beneficiary. They can, however, make claims for support against your estate. At Cooligan Yehia LLP, we can help inform you of your obligations and develop a sound estate plan.
