Your mother, who lives in Ontario, is reluctant to write a will. She is 78 years

Question

Your mother, who lives in Ontario, is reluctant to write a will. She is 78 years old and in failing health. Her major assets are her principal residence and a $100,000 unregistered portfolio containing stocks and bonds.

Part A: Who decides how will her assets be distributed if she dies intestate?

Part B: Is there any other document that your mother should have for estate planning purposes? Please explain its use.

Part C: Will either of her two major assets be taxed upon her death: Taxation of principal residence at death? Taxation of unregistered portfolio at death?

Explanation / Answer

Part A: The government will decide how the assets will be distributed.

Part B: The documents of ownership of estate.

Part C: Both the assets will be taxed upon her death.

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