Wills and Estates
The will is a document utilized by individuals,
setting out in clear and unambiguous language, the disposition of assets,
which are owned by an individual at the time of his or her death. In addition
the Will nominates an individual referred to as an executor, who will implement
the wishes of the deceased and distribute the estate to the beneficiaries
according to the plan set out by the deceased individual.
When a person dies without a will, that person
is said to have died intestate. In Nova Scotia, the rules of intestate
succession, are governed by the Intestate Succession Act, which
set out a legislative scheme of distribution of the deceased assets. The
scheme in Nova Scotia is as follows:
1. If there is a spouse and no children, then
the entire estate passes to the spouse.
2. A word of caution, no is obligated to be an
Executor just because the individual is named in the will, he or she has
the right to renounce.
2. If there is a spouse and one child, then the
first $50,000.00 or home and household goods and furnishing will pass to
the spouse and the remained of the estate will be split one half to the
spouse and one half to the surviving child.
3. If there is a spouse and more than one child,
then the first $50,000.00 or home and household goods and furnishings are
distributed to the spouse. The remained to the spouse and two thirds to
the children.
4. Other provisions provide for no spouse and
no children, which by the Act, provide for distribution to the parents,
brothers and sisters, nieces and nephews and other next of kin as the case
may be.
When a person dies with a will, only property
which forms part of the deceased estate will be distributed under the terms
of the will. In other words, property which is held in joint tenancy as
between husband and wife will not form part of the deceased estate. In
addition, proceeds of the life insurance pass directly to the beneficiaries
designated under the insurance contract. Also, funds in a R.R.S.P., R.R.I.F.
or pension plan may pass directly to a named beneficiary and will not form
part of an estate.
There are formal requirements with respect to
the validity of the will. The will must be in writing and must be signed
by the individual executing the will. His or her signature must be his
or her full legal given name and must be witnessed by two individuals who
must be at least 19 years old and who are not beneficiaries under the will.
There are provisions in the Wills Act for the
revocation and alteration of a will, which generally speaking, must be
in writing to be effective.
As long as the individual making the will is confident in that the individual understands what he or she is doing, then assets may be distributed as the individual wishes.
Note: the information and material on this site is provided for information
purposes only and is not
intended to be a definitive statement of the law, nor should it be
relied upon for legal advice. Each
situation has its own peculiar circumstances to consider which may
require in-depth review and
considerations and the appropriate advise thereto. Always discuss important
business decisions and have the documentation reviewed by your lawyer before
signing.
