| Glossary of
Financial Terms | | |
 The
Money Management Newsletter: Taxes
and Estate Matters
What happens to your property if you don't
leave a will?
By Martin
Kosterman
Money Management Newsletter
Written July 1995, updated March 2001
The following is a quick synopsis of how your property
would be divided if you died without a will in the Province of Ontario.
While this information is believed to be true
at the time of writing, it is meant for general information only. Individuals
should contact their lawyer to make sure that their specific situation
receives proper consideration.
| Heirs left: | Distribution as follows: | | 1. Spouse only | All property to spouse | | 2. Spouse and 1 child | 1st $200,000 to spouse
1/2 of balance to spouse
1/2 of balance to child* | | 3. Spouse and 2 or more children | 1st $200,000 to spouse
1/3 of balance to spouse
2/3 of balance equally to children* |
| 4.
Parents but no spouse, children or grandchildren |
Property equally to father and mother or the survivor of them |
| 5.
None of the above but surviving brothers or sisters |
Property equally to brothers and sisters* |
| 6.
None of the above but at least one niece or nephew |
Property equally to nieces and nephews or the survivor of them |
| 7.
None of the above but some next of kin |
Equally among next of kin of equal degree of ancestry and in no case is representation allowed | | 8. No lawful heirs | All to the Crown |
| * if a child, children, brother or sister is dead, then the children of that person shall take the share their parent would have taken if living. |
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 © , Fiscal Agents Money Management Newsletter
25 Lakeshore Road, Oakville, On L6K 1C6.
(905) 844-7700
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