Estate Bond FAQ
Estate Statutes and Regulations:
What is meant by Intestacy?
Intestacy is when a person dies without a will.
Define preferential share
Preferential share is the amount prescribed by a regulation made under the Lieutenant Governor.
Who and what portion is entitled to the Estate?
A. Spouse and no children?
When a person dies intestate in respect of property and is survived by a spouse and not survived by issue, the spouse is entitled to the property absolutely.
B. Spouse and 1 child?
When a person dies intestate in respect of property and leaves a spouse and one child, the spouse is entitled to one-half of the residue of the property.
C. Spouse and 2 children?
When a person dies intestate in respect of property and leaves a spouse and more than one child, the spouse is entitled to one-third of the residue of the property.
D. Children only?
When a person dies intestate in respect of property and leaves children surviving him or her, the property shall be distributed, subject to the rights of the spouse, if any, equally among his or her children who are the nearest degree in which there are children surviving him or her.
According to “Heirship” in what order do the surviving heirs of an Estate follow?
Participant means a person who is entitled to designate another person to receive a benefit payable under a plan on the participant’s death.
A beneficiary is a person entitled to a portion of an Estate.
Who determines preferential share?
The Lieutenant Governor in Council may be regulation, prescribe the amount of the preferential share.
Define the following:
Cohabit means to live together in a conjugal relationship, whether within or outside marriage.
Dependent means the spouse or same-sex partner of the deceased, a parent of the decreased, and a child of the deceased or a brother or sister of the deceased, to whom the deceased was providing support or was under a legal obligation to provide support immediately before his or her death.
C. Same-sex partner
Same-sex partner means either of two persons of the same sex who have cohabited continuously for a period of not less than 3 years or in a relationship of some permanence, if they are natural or adoptive parents of a child.
Spouse means a person of the opposite sex to whom the person is married or with whom the person is living in a conjugal relationship outside marriage, if the two persons have cohabited for at least one year, are together the parents of a child or have together entered into a cohabitation agreement under the family law act.
In Ontario when is one considered common law under the family law act?
In Ontario you are considered common law if the two persons have cohabited for at least one year together.
What is a certificate of Appointment of Estate Trustee with a Will or without a Will?
Certificate of Appointment Estate Trustee with a Will or without a Will was formerly known as letters probate, this document is issued by the court giving the Estate Trustee(s) named in the Will the power to administer the estate under the Will. Also formerly known as Letters of Administration, this document is issued by the court giving the Estate Trustee(s) the power to administer according to the applicable Laws, the Estate of a person who died without leaving a Will.
What is a holographic Will and is it valid?
A Holographic Will is a handwritten document that speaks about the distribution of a person’s Estate.
Testate means when a person dies with a Will.
Define probate or letters of Administration
Probate of letters of Administration is authority granted to someone by the court to administer an Estate.
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