Who Inherits Your Money?
Okay, you’re not King Tut. You’re not going to take it with you. You’ll need a will.
Do you know what happens to your money when you die?
If you don’t have a will, here are three key things to know:
Somebody must first find your money. That somebody is your executor, called your estate trustee in Ontario. Before they can collect your money, they need legal authority to act for you. They will hire an estate lawyer to get advice and go to court.
Why invest in a professionally prepared will?
You can choose a person you trust to be your estate executor or estate trustee. For simplicity, let’s refer to this person as your executor.
This process is referred to as “getting probate” of a will. In Ontario, this is called getting a certificate of appointment of estate trustee.
The estate court certifies who represents you when you are gone. The court issues a certificate confirming your executor and who shares in your estate. Your executor can then administer your estate.
Want more tips on being an executor?
Get my two free mrwills.com guides to Executor Duties – What You Need to Know and Executor Mistakes – 10 Things Executors Must Never Do.Posted In: Estates, Probate, Wills On: July 26th, 2010