How is an estate distributed? The video helps you understand the three ways of distributing an estate to beneficiaries. So many people misunderstand this legal process. Here are three ways of estate distribution to your beneficiaries; not all three ways involve a will.
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Distribution of estate without a will – automatic distribution
This means our beneficiaries only need our death certificate to claim their share. The estate does not need a will or probate, but only certain types of estates are distributed, such as TFSAs and RRSPs.
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Probate application with a valid will
When you have a valid will, any other assets require a probate application before the application beneficiary can receive them.
You or your lawyer must file an application with the court, which is much easier if there is a valid will. You can inherit the estate once the court approves the application and issues a certificate. -
Probate application without a valid will
Applying for probate without a valid will is one of the most challenging ways for your loved ones to access an estate. This situation can lead to complications and delays, which is why having a well-planned estate and will in place is crucial to ensure a smoother process. Here is a success story of a Probate Application without a will.
More posts on will and estate planning:
- Is your Estate Simple? The Answer Could Surprise You
- How to Avoid the 5% Estate Bond Insurance Requirements During Probate
- What is a Will Used For? Is Your Will Done Correctly?
Book a free consultation with Varity Law will and estate lawyer – https://calendly.com/sabrina-668/1stfreeconsult
