If I die without a Will what happens to my children?

[NewCanadian2013]

Hello everybody,
I am not sure if this topic fits here or not but I thought I will just post the question!
I am a new Canadian citizen living in Ontario and I was wondering; what happens to my children If I die without a Will? or If my wife and I both die? Also, a related question would be what happens to my money in all forms?

Thanks for your response

 

[Pippin]

Without a will you would die intestate. This means the court would decide how to distribute your assets. It is not expensive and does not take a lot of time to make your will, so do your family a favour and make a will, both you and your spouse. I think usually your assets would go to your spouse. If you have no spouse it would be divided between your children. If you and your spouse die at the "same time" it is deemed the younger one expires last. Having your bank accounts, TFSA, RSP, pension and property in joint names it makes it a lot easier for assets to transfer to your spouse.
If your children are underage they would try to find family members to raise them. It certainly gives one something to think about when citizenship issues are considered. Naming guardians for your children is a must.

 

[NewCanadian2013]

Thanks Pippin,
Any idea what would happen to the children, especially in the case were both parents die and no relatives in Canada!

 

[Pippin]

Hmmmm? Send the children back to family in the old country or make them wards of the court in foster care because no one found the time to plan ahead. Sounds like a priority. Does make me wonder why this question is being asked?? PS I am not an authority and it would be advisable to make an appointment with a lawyer or notary to discuss your concerns and draw up your wills.

 

[Leon]

Before you actually die without a will and leave your children at the mercy of the authorities, why don't you make a will now? Make an appointment with a lawyer and get it over with. Also clear it with the people you are leaving the children to, in case it actually happens.

 

[steaky]

Perhaps OP has difficulty in appointing what person to be the guardian of the children should both parents pass away.