My aunt has resently passed away. She has left a cash amount…

Question

This answer was rated:

★★★★★

My aunt has resently passed away. She has left a cash amount…

My aunt has resently passed...

My aunt has resently passed away. She has left a cash amount of $200,000.00 dollars to her three sisters. one of the sisters, my mother, has passed away. The executor has decided split my mothers third equally between the five children of the sisters, including me. At first the executor said my mothers name was not on the will, then requested a death certificate to complete the inheritance. Spliting the one third five ways comes to over $13,000.00. But I was told not to expect more than $5,000.00 because canadian inheritance tax was around 40%. My research found there is no inheritance tax in Canada. What do I do?

Show Less

Ask Your Own Canada Law Question

Answered in 1 hour by:

11/18/2012

Lawyer: Debra, Lawyer replied 8 years ago

Debra, Lawyer

Category: Canada Law

Satisfied Customers: 130,196

Experience: Lawyer

Verified

Was the cash amount specified or is this what is left in the Will?

In other words does the Will say each the sister's split $200,000 or the sister's share in the residue of the estate?

Were there any other assets?

What province is this please?

Customer reply replied 8 years ago

The province is Ontario, we live in Florida and have not seen the will. As far as we know the will is not yet in probate. My aunt told me my mother, who has passed away, was not included in the will, then next day asked if I could please mail her the death certificate. I haven't.

Lawyer: Debra, Lawyer replied 8 years ago

But do you know if they are saying the estate has about $200,000 of assets in total and you will all share in the remainder after debts and taxes are paid or are they saying you share in $200,000 but there are other assets?

Customer reply replied 8 years ago

There are no other assets. My aunt rented a condo,and needed no car because of the transit system in Toronto. The province is Ontario. The 200,000 is what she had in the bank or in other investments. This is what I was told. But I was told that my mother who has passed away was not mentioned in the will. They wanted to split the money 3 ways in respect for my mother, I guess, and split that third between the kids. 5 ways, they each have two and me. But then they requested a death certificate because my mother WAS named on the will. They lied then had to come clean because they needed the certificate. My father is still alive, living with me.This thing has gone beyond money.The thing is we have always been a close family. Do we have any say in the way the money is distributed?

Lawyer: Debra, Lawyer replied 8 years ago

You don't have any say in the way the money is distributed.

But either do they.

The Will governs.

And when they apply for probate they have to send each beneficiary a copy of the Will.

You could get one any way by having someone in Ontario get a copy from the courthouse.

There is no inheritance tax in Canada in the sense that the beneficiaries are taxed.

So if there are not other assets that $200,000 has to be used to pay probate fees, legal fees if a lawyer is acting for the estate, capital gains tax if the investments appreciated in value, any taxes your aunt owed at her death, any debts she owed etc etc.

So you can see that the $200,000 is going to be whittled down somewhat and perhaps that is what they are talking about.

You will be entitled to a full accounting and will have to sign off on the estate before it's wound up unless the executor gets the court to approve the accounts.

So the Will has to be followed and they are not going to get away with giving you anything less than you deserve.

Debra, Lawyer

Category: Canada Law

Satisfied Customers: 130,196

Experience: Lawyer

Verified

Debra and 87 other Canada Law Specialists are ready to help you

Ask your own question now

Was this answer helpful?

Yes

No