Legal Question in Wills and Trusts in Canada

Re: Wills

the probate code has a complex formula that decides who gets your property.

Re: Wills

The state where you reside (and/or the state where your real estate is) gives the property away according to its Probate Code. In California, the property goes to one's spouse and/or one's nearest living relative(s).

Property with beneficiaries named directly (such as life insurance, retirement benefits, and some bank/investment accounts) goes to those persons named as beneficiaries on the contract/account.

Property held in joint tenancy goes to the surviving joint tenants.

Re: Wills

Thanks for your short and concise question. Apologies for the length of time it took for you to get a response.

In a way, nobody dies without a will. If you die without a will that you've selected, the State imposes ITS will on the estate, contained in the probate code. That sets forth who takes what, and that the State can recover 10% or more of the assets of the estate as probate fees.

Most people are not happy with this, and for that reason, they prepare their own will specifying who gets what, and how the costs will be paid.

Thanks, and if you feel you need legal assistance, please feel free to call me.