This can
depend on the Will itself. Some factors to consider are:
If the Court is satisfied with the answers to all of these questions, and an executor has already been appointed outside Ontario, it may grant that executor the right to administer the deceased’s property in Ontario, too.
The answer will very often depend on what
you and your family member intended. Did they put the investments in your name
with the expectation that you would hold it for their benefit, as a
convenience, or was it done with the intention that the money was to belong to
you?
Where there is a dispute, Ontario’s Courts
will look at the documents or agreements you signed, the intentions of everyone
involved and the surrounding circumstances to determine ownership interests.
A Last Will only determines what happens to your property after
you have passed.
A Power of Attorney is used to appoint someone to manage
your property and your medical care if you are incapable. It is no longer valid
after death.
In some ways, having an Attorney who can protect you while
you are still living is even more important that having a will.
There are 3 basic ways in which most simple Estates may be
required to pay taxes.
1.
If all or part of your state is being submitted
to Probate, you'll need to pay what's called an Estate Administration Tax on
that portion.
2.
If you have to sell property or shares in a
corporation, your state may need to pay Capital Gains Tax on the proceeds from
the sale of that property.
3.
Lastly your Estate will need to file a tax
return for the year in which you die until your Estate is wrapped up and all of
the money is paid out.
