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Difference between revisions of "When Someone Dies Without a Will"
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When Someone Dies Without a Will (view source)
Revision as of 05:19, 3 March 2019
, 05:19, 3 March 2019→The law says how your estate is distributed if you die without a will
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Every adult who owns assets or has a spouse or young children should have a will. But surprisingly, many people don’t. The few hours you spend planning your estate could save your spouse, children, and other beneficiaries much time, effort, and money. If you don’t have a will, you lose control over who gets how much of your estate and when. You also give up the right to appoint a guardian for any young children you have. And the costs to administer your estate may be much higher. Our information on [[Making a Will and Estate Planning (Script 176)|preparing a will and estate planning]] provides guidance on how to prepare a will. | Every adult who owns assets or has a spouse or young children should have a will. But surprisingly, many people don’t. The few hours you spend planning your estate could save your spouse, children, and other beneficiaries much time, effort, and money. If you don’t have a will, you lose control over who gets how much of your estate and when. You also give up the right to appoint a guardian for any young children you have. And the costs to administer your estate may be much higher. Our information on [[Making a Will and Estate Planning (Script 176)|preparing a will and estate planning]] provides guidance on how to prepare a will. | ||
==The law says how your estate is distributed if you die without a will== | ===The law says how your estate is distributed if you die without a will=== | ||
If you die without a will, BC’s ''[http://canlii.ca/t/52x69#sec20 Wills, Estates and Succession Act]'' says how your estate will be divided. Your money and property will be divided as follows: | If you die without a will, BC’s ''[http://canlii.ca/t/52x69#sec20 Wills, Estates and Succession Act]'' says how your estate will be divided. Your money and property will be divided as follows: | ||
*If you have '''a spouse and no descendants''', your estate goes to your spouse. A '''descendant''' means a surviving person of the generation nearest to you. This will almost always be children only. For example, your grandchildren would only get a share of your estate if their parent (your child) died before you. | *If you have '''a spouse and no descendants''', your estate goes to your spouse. A '''descendant''' means a surviving person of the generation nearest to you. This will almost always be children only. For example, your grandchildren would only get a share of your estate if their parent (your child) died before you. | ||
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*Put all money in an estate account and use it to pay the estate's debts, income taxes, legal and accounting expenses, and possibly an administration fee. | *Put all money in an estate account and use it to pay the estate's debts, income taxes, legal and accounting expenses, and possibly an administration fee. | ||
*Pay any money left over to the heirs (also called '''intestate successors'''). | *Pay any money left over to the heirs (also called '''intestate successors'''). | ||
*Report to the intestate successors listing all money received, debts and expenses paid, fees charged, and details of how the estate was distributed. | *Report to the intestate successors listing all money received, debts and expenses paid, fees charged, and details of how the estate was distributed. | ||
==Common questions== | ==Common questions== | ||
