In a broad sense, an estate refers to any property, whether it be real estate, personal chattels, or cash, to which a person is entitled and able to dispose of at the time of their death.

Estate planning involves organizing the orderly distribution of one's estate upon their death in accordance with their wishes, with the aim of minimizing or eliminating estate taxes, duties, and testamentary expenses, as well as settling any liabilities after death.

Creating a Will provides the opportunity to appoint executors/trustees, to decide how to distribute one's properties, and to name the beneficiaries who will inherit the estate.

For a Will to be considered valid, it must be in writing and signed by the Testator (the person making the Will) in the presence of two or more witnesses who must also sign in the presence of the Testator and of each other. (Section 6 of the Wills Act).

Any person who is at least eighteen (18) years old and of sound mind, memory, and understanding is eligible to create a Will.

No. This property would not form part of the estate of the deceased, as it would pass directly to the surviving owner(s).

The executor's duties include:

Applying to the Court for a grant of Probate of the Will.
Collecting the assets of the estate.
Settling the liabilities of the estate.
Administering the estate in keeping with the terms of the Will.
Acting as Trustees in relation to the legacy of minor beneficiaries or as the Will directs.
Is it necessary to hire a lawyer to create a Will?

It is important to seek professional advice when creating a Will. Sometimes, defects in the Will are discovered after a person has died and the Will is taken to a lawyer.

When a person dies intestate, it means they died without creating a valid Will.

A Will can be revoked by executing a later Will, entering into marriage after making the Will, or destroying the Will.

If the deceased had minor children at the time of their death and did not create a valid Will, the Administrator General Act provides that the Administrator General must act as the Administrator of the estate.

Yes. Transfer tax is payable on an individual's interest in real estate and shares owned solely, jointly, or as tenants in common at the time of death, calculated based on the market value of these properties after deducting any debts secured by mortgage or charge and funeral expenses.

Upon the death of an individual, Transfer Tax at the rate of 1.5% of the net market value of all securities such as stocks, shares, debentures, and all real estate owned by the deceased at the time of death is due within one (1) year of the date of death if the net market value of the estate exceeds $100,000.00. Additionally, interest at the rate of 6% will accrue if the tax is not paid within 1 year of the date of death.

Yes. (1) Property which was the principal place of residence of the deceased and certain family members up to the date of death will be exempt. (2) Personal chattel, Life Insurance Policies, bank accounts and cash are also exempt.

Yes, in addition to transfer tax, there may also be Stamp Duty payable to the government on an application for Probate or Letters of Administration. The amount of Stamp Duty payable is calculated based on the net value of the estate. Legal fees may also be payable for applications for Probate or Letters of Administration. It's worth noting that as of May 16, 2011, the following Stamp Duty rates apply:
• Estates whose net value is $10 Million or less: $5,000.00
• Estates whose net value is above $10M and below $20M: $10,000.00
• Estates whose net value is above $20M and below $30M: $15,000.00
• Estates whose net value is above $30M and below $40M: $20,000.00
• Estates whose net value is above $40M: $25,000.00