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11/18/2012
VerifiedWas 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?
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?
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.
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.
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