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When Someone Dies Without a Will (view source)
Revision as of 18:52, 23 February 2018
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==How is your estate divided if you die without a will?== | ==How is your estate divided if you die without a will?== | ||
If you die without a will, BC’s ''[http://www.bclaws.ca/civix/document/id/complete/statreg/09013_01 Wills, Estates and Succession Act]'' (WESA) controls how your estate will be divided, as follows: | If you die without a will, BC’s ''[http://www.bclaws.ca/civix/document/id/complete/statreg/09013_01 Wills, Estates and Succession Act]'' (WESA) controls how your estate will be divided, as follows: | ||
*If you have a spouse and no | *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, even if there are grandchildren alive, if their parent is alive (your child) the grandchildren will not share in the estate. | ||
*If you have a spouse and | *If you have a spouse and descendants, then what goes to whom depends on whether the descendants are also your spouse’s descendants. If so, your spouse gets the first $300,000 of your estate. If not, your spouse gets the first $150,000 of your estate. Then one half of the rest of your estate goes to your spouse. The other half is divided among your descendants. Your spouse has the right to acquire the family home from your estate as part of their share. | ||
*If you have more than one spouse (possible under WESA, and explained later in this script), they share the spouse’s share equally (unless they agree or a court decides differently). | *If you have more than one spouse (possible under WESA, and explained later in this script), they share the spouse’s share equally (unless they agree or a court decides differently). | ||
*If you have no spouse, then your estate is divided among your | *If you have no spouse, then your estate is divided among your descendants equally. | ||
*If you have no spouse and no | *If you have no spouse and no descendants, then your estate goes to your parents. If your parents aren’t alive, it goes to your brothers and sisters, divided among them equally. | ||
*There are other rules to figure out which next of kin may receive your estate if you have no spouse or | *There are other rules to figure out which next of kin may receive your estate if you have no spouse or descendants, and your parents and siblings aren’t alive or you have no siblings. | ||
*If no one qualifies under the rules as your next of kin, your estate is said to “escheat” to the crown. This means it goes to the provincial government. | *If no one qualifies under the rules as your next of kin, your estate is said to “escheat” to the crown. This means it goes to the provincial government. | ||
==Spouse include common-law spouse== | ==Spouse include common-law spouse== | ||
The definition of spouse in WESA includes a person who has lived with you for at least 2 years in a marriage-like relationship immediately before your death. It can be a common-law gay or lesbian relationship. So more than one person could be your spouse and share in your estate. | The definition of ''spouse'' in WESA includes a person who has lived with you for at least 2 years in a marriage-like relationship immediately before your death. It can be a common-law gay or lesbian relationship. So more than one person could be your spouse and share in your estate. | ||
==When do | ==When do minors get their share?== | ||
The [http://www.trustee.bc.ca/Pages/default.aspx Public Guardian and Trustee] becomes the trustee to hold | The [http://www.trustee.bc.ca/Pages/default.aspx Public Guardian and Trustee] becomes the trustee to hold shares of the estate in trust for a child or any beneficiary under the age of majority (19 in BC) until they’re 19 years old. The child’s parent or guardian would have to apply to the Public Guardian and Trustee for any money needed for things like living expenses or education. This can be a hardship if the child is quite young and the parent or guardian needs the money for day-to-day expenses. When the child turns 19, they can demand all their money—no matter how much it is or whether they are mature or financially responsible. In contrast, if you have a will, you appoint the executor and trustee for the share going to a child under 19 and can require the share to be held in trust beyond age 19. And you can direct that the share be used for the child’s benefit, including support and higher education, without government involvement. | ||
==Who controls your estate and looks after your children if you die without a will?== | ==Who controls your estate and looks after your children if you die without a will?== | ||
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[updated | [updated February 2018] | ||
'''The above was last reviewed for accuracy by Hugh McLellan and edited by John Blois.''' | '''The above was last reviewed for accuracy by Hugh McLellan and edited by John Blois.''' | ||