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In the event that there is no Will and no known beneficiaries of an estate, a Public Trustee is designated as Guardian as well as Trustee by the court in Ontario.
Once a "known" heir/beneficiary of the estate is found, a Missing Beneficiary Bond is required.
In Ontario, the Office of Public Guardian and Trustee offers services that protect the financial, legal, and personal interests of estates and its' stakeholders.
In the case of no will or no beneficiary, a Trustee/Guardian is appointed to handle the affairs of the Estate.
A "known" Heir is a person who is able to prove their relationship to the owner of the estate. Official documents such as marriage, death, or birth certificates can help.
An heir is a person that has a direct relationship with the owner of the Estate, such as a spouse, siblings, parents, children, and grandchildren.
A beneficiary is a person that benefits from the transfer of assets such as a Trust or property.
Please contact an Ai Bond Specialist for more information.
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