Summary:

In this episode, the hosts delve into the complexities that arise when an individual passes away without a will. They explore the legal processes and rules that dictate the distribution of assets and the appointment of an administrator. The lack of a will leads to a reliance on provincial guidelines, introducing potential challenges for the grieving family.

The hosts emphasize the importance of understanding the default rules set by the government and provide insights into the priority of application for administering the estate.

Key points:

• Testate: Passing away with a will and a plan.
• Intestate: Passing away without a will, triggering default rules set by the province.
• Priority follows a pecking order, starting with the surviving spouse or partner, adult children, grandchildren, and further descendants.
• Blended families may result in unexpected distribution, emphasizing the need for proper planning.
• Without an appointed executor, the estate is in limbo, delaying immediate decisions and transactions.
• Family tree exercise is conducted to determine how assets are divided.
• Having a will simplifies and expedites the estate administration process.

Hosts:
Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
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Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
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