Receiving an inheritance? Here is what Canadians need to know
Many people will receive an inheritance at some point in their lives, but most people do not understand how inheritance works and what is involved in the process. When you receive an inheritance, it’s important to know how the process works in Canada, so we have compiled a list of common inheritance questions to make the process easier for you.
What is an inheritance?
When someone passes away, their property and other assets are distributed to the beneficiaries of their Will. A person can decide who their beneficiaries are and what will be given to whom. The “estate” of the deceased must pass on its assets, with the beneficiaries inheriting the assets.
Who can receive an inheritance in Canada?
The deceased individual’s Will outlines who inherits the assets held by the estate.
What is the difference between monetary and estate inheritance?
A monetary inheritance is in the form of cash, while an estate inheritance may include other assets including property, collectibles, cars, jewelry, stocks, bonds, or other investments.
How is an estate inheritance distributed when there is not a will present?
When someone passes away without a will it is referred to as passing away as “intestate.” In Ontario, the assets of the property will be passed on according to the Ontario Succession Law Reform Act.
How long does it take to receive an inheritance?
It can take anywhere from six to twelve months after an individual’s passing to distribute the assets of an estate.
How to apply for death benefits in Ontario
The Government of Canada outlines the qualifications for death benefits along with how to apply online. There are a number of requirements that must be satisfied to receive the death benefit which consists of a one-time payment of $2,500. There are a number of other benefits that may be available as well including a survivor’s pension and benefits for children under the age of 25.
Visit the Government of Canada website to learn more.
Wills and inheritance proceedings facilitated by De Rose Lawyers
De Rose Lawyers is experienced in handling wills and inheritance proceedings for people receiving an inheritance in Ontario. Navigate the complex nature of inheritance with the professionals at De Rose Lawyers.