Death Without A Will - What Happens?

The recent death of pop icon Prince brings to the forefront the need to have all of your financial affairs in order. Obviously no one ever wants to think about their own death, but when we see situations like this, it just breaks our hearts. Prince was worth millions and supported many charitable causes through his lifetime, but he died without a will.

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It May Be Boring - But It's Important!

There has been a new probate rule quietly rolled out in 2015 and it will likely affect everyone with a will and certainly those without one. Every will has an executor. The executor’s job is to ensure the estate is valued correctly and to disburse the estate according to the wishes of the deceased. Without a will, the province steps in to administer and this will be more expensive and take longer to settle estate.

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Your Final Tax Bill

Did you know that after you pass away, all of your assets (investments, cottages, home, etc) are pooled together and the government will tax you based on the value of the assets as part of your final tax bill. The tax has to be paid by the deceased person’s estate.

Basically, after you pass away, you still have one big bill left to pay to the government. Most don’t plan for this – but it’s a guarantee that one day we’ll all pass away.

A New Legislation for Estate Taxes

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