Showing posts with label next of kin. Show all posts
Showing posts with label next of kin. Show all posts
Friday, February 18, 2011
Who plans the funeral when there is no named executor?
Megan Connelly answers a question that is asked quite often by family members. When there is a will that names an executor, that executor has the right and the obligation to make the funeral, burial or cremation arrangements that he or she thinks best (even if the family members don't agree). But what about where there is no will and the family members have different ideas about what should be done? Click here to read Ms. Connelly's post on this topic.
Monday, March 22, 2010
Does the government get my assets if I die without a Will?
This is another question that I am asked a lot, and which I'm glad to get the chance to discuss. As is often the case, the answer is "maybe".
If you die in Alberta without a Will, statutes called "The Intestate Succession Act" and "The Ultimate Heir Act" set out who will receive your assets (dying without a Will is known as "dying intestate"). Here are the basics:
If you are married or living in a common law relationship, your spouse gets the first $40,000 of the net assets. Notice that we are talking about net assets, meaning that taxes and expenses are paid first before the spouse.
If you are married/common law and have one child, everything above the first $40,000 is divided equally between the spouse and the child. The word "child" includes biological children (even if illegitimate) both minors and adults, and adopted children, but does not include step-children. If there is more than one child, the spouse gets the first $40,000 and one-third of the rest, and the remaining two-thirds is divided equally among the children.
If you don't have a spouse, your estate is divided among your biological and adopted children.
If you don't have a spouse or children, your estate will be divided equally between your father and mother, or to the survivor of them.
If you don't have a spouse, children or parents alive, your estate will be divided equally among your brothers and sisters. If any brother or sister died before you, the share that sibling would have received if alive will be divided among that sibling's children.
If you don't have any of the above people, your estate will be divided equally among your nieces and nephews.
If there is a need to go further to find beneficiaries, the Intestate Succession Act provides for that, stating that your next of kin will inherit.
If the person who is administering your estate can't find ANY next of kin whatsoever within two years of your death, the Ultimate Heir Act says that your assets will be paid to the government.
As you can see, it's possible that your estate could go to the government if you die without a Will, but only if nobody related to you by blood can be found. Even if you have no family, if you would prefer that your estate go to a charity or church rather than the government, you should make a Will to make sure your wishes are carried out.
If you die in Alberta without a Will, statutes called "The Intestate Succession Act" and "The Ultimate Heir Act" set out who will receive your assets (dying without a Will is known as "dying intestate"). Here are the basics:
If you are married or living in a common law relationship, your spouse gets the first $40,000 of the net assets. Notice that we are talking about net assets, meaning that taxes and expenses are paid first before the spouse.
If you are married/common law and have one child, everything above the first $40,000 is divided equally between the spouse and the child. The word "child" includes biological children (even if illegitimate) both minors and adults, and adopted children, but does not include step-children. If there is more than one child, the spouse gets the first $40,000 and one-third of the rest, and the remaining two-thirds is divided equally among the children.
If you don't have a spouse, your estate is divided among your biological and adopted children.
If you don't have a spouse or children, your estate will be divided equally between your father and mother, or to the survivor of them.
If you don't have a spouse, children or parents alive, your estate will be divided equally among your brothers and sisters. If any brother or sister died before you, the share that sibling would have received if alive will be divided among that sibling's children.
If you don't have any of the above people, your estate will be divided equally among your nieces and nephews.
If there is a need to go further to find beneficiaries, the Intestate Succession Act provides for that, stating that your next of kin will inherit.
If the person who is administering your estate can't find ANY next of kin whatsoever within two years of your death, the Ultimate Heir Act says that your assets will be paid to the government.
As you can see, it's possible that your estate could go to the government if you die without a Will, but only if nobody related to you by blood can be found. Even if you have no family, if you would prefer that your estate go to a charity or church rather than the government, you should make a Will to make sure your wishes are carried out.
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