Hub Capital Client Access Home About Us Our Services Education Centre Contact Us Estate Planning When do I need a Will? Anyone with minor children, those who want to leave assets to persons outside of matrimony or to anyone that falls outside of the ‘Ontario Intestacy Rules’. What happens if I die without a Will? You will have died “intestate”, which means your assets will get divided by the “intestacy rules” under the Succession Law Reform Act of Ontario. Within these rules, a common-law spouse is not considered, so you either need a Will to include them or they will have to bring a claim in court. There are specific divisions of assets between surviving spouse and children. If you have no surviving kin or they cannot be located, then the estate assets become the property of the Crown. What about Estate Administration Tax? Estate Administration Tax, also known as Probate, is imposed on the estate of a deceased person and is paid as a deposit when the estate representative applies for a Certificate of Appointment of Estate Trustee with the Superior Court of Justice. The current tax rates are: $5 for each $1,000, or part thereof, of the first $50,000 of the value of the estate, and $15 for each $1,000, or part thereof, of the value of the estate exceeding $50,000. On a sizable estate, this could easily amount to a significant amount of tax. How can my estate avoid the Estate Administration Tax? There are various strategies that can reduce or avoid the Estate Administration Tax through the use of Joint Ownership with Right of Survivorship, Living Trusts, use of Beneficiary designations and/or Life insurance products, including segregated funds. There are pros and cons to each of these strategies, and you particular estate needs will also have to be considered. What other planning considerations do I need to make? In the event that you can no longer make decisions regarding your finances or your health, you should have your lawyer write up Power of Attorneys for Property and Power of Attorneys for Care. The will appoint someone you trust to make decisions for you in the event of incapacity and assist them with directives that you designate. Our Services GIC Rates Investments Insurance Retirement Planning Education Planning Estate Planning Business Owner Solutions Clients with Disabilities Ready for Retirement Tell a Friend Book a Meeting MBI Financial Inc. Corporate Head Office 48 Talbot St. W. Blenheim, ON N0P1A0 Fax: 888-895-8425 Phone: 519-676-8106 PRIVACY POLICY WEBSITE DISCLAIMER HUB CAPITAL INC. WEBSITE DISCLAIMER HUB CAPITAL PRIVACY POLICY SITEMAP CONTACT US CLIENT COMPLIANT HANDLING MFDA COMPLAINT POLICY CFP®, CERTIFIED FINANCIAL PLANNER® and are certification trademarks owned outside the U.S. by Financial Planning Standards Board Ltd. (FPSB). Financial Planning Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB. All other ® / ™ are trademarks of FPSC, unless indicated. © 2021 MBI Financial Inc.. All rights reserved.