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Administering estates
Overview
The assets and liabilities that you own when you die make up what is known as your estate.
The assets in your estate are distributed depending on how they are owned.
For example, you may have money and property jointly owned with another person, or you may have a designated beneficiary (for example, an insurance policy or joint bank account), who will receive certain assets or funds after your death.
Someone who depended on you before your death can also make a claim for your money or property if they still need the financial support.
You are not legally required to have a will, but there are advantages to having one.
If you die without a will, your estate will be distributed in accordance with Ontario's Succession Law Reform Act and someone would need to apply to the court to ask for authority to administer your estate.
Your will only takes effect after you die.
A Power of Attorney is a legal document in which you appoint a person to make decisions for you while you are alive in case you are unable make decisions for yourself because you
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