Ownership Name Changes
(AT THE TIME OF DEATH)

HOUSE/PROPERTY

Property held jointly automatically goes to the survivor without a will, probate or a lawyer. In most cases it maybe prudent to utilize the services of a lawyer in matters concerning property. However, should you wish to attempt the name transfer on your own in a simple case then it is suggested you obtain a "Transfer/Deed of Land" form, which is available at local stationers’ stores for a nominal fee, and fill it out. You should then contact the Land Titles Office at 675-4300 regarding submitting the form. There will be a small fee for the transfer.

AUTOMOBILE

This is a simple matter of bringing the slip of ownership, Will, or if there is no Will, an Affidavit can be sworn when you go to the Ministry of Transportation at the Chamber of Commerce, 166 Douglas St., Sudbury - 673-7133. They will re-issue you an appropriate new slip. There will be a small fee.

BANK ACCOUNTS

Notify bank IMMEDIATELY, and make arrangements, to meet with the manager or bank officer. Provide the bank with a proof of death document and a copy of the Will, if one is available. Upon the death of a spouse all money in a joint account belongs solely to the remaining partner, regardless of the amount of funds in the account.

* Note -Please realize each bank is operated under its own policies, which can change at any time. You must talk to the manager at your bank to see what is necessary.

JOINT ACCOUNTS

If an account is joint, where either person can sign cheques, the surviving person has complete access to the funds with nothing frozen. Any other kind of account - Joint, but the type where both have to sign, or an account in the deceased’s name only is automatically frozen. Consult the person handling the estate accounts and they will tell you what you must do to be able to withdraw funds.

Joint bank accounts, investments, or properties maintain their status in life and death. By holding assets jointly with others in the event of death the surviving party(ies) can directly inherit the item without using a lawyer or will or paying unnecessary taxes.

Bank charge cards, such as Visa, Master Card, etc., will be invalidated if they are in the name of the deceased only. The estate of the deceased is responsible for any outstanding debts.

STOCKS & BONDS

With respect to stocks and bonds, check with the bank manager/stock broker about what is required to have them changed or cashed. If the process seems too difficult you may need a lawyer to help you. Canada Savings Bonds can be transferred directly to the estate or directly to the beneficiary. Complete the "Transfer of Registered Government Securities" forms that are available in any financial institution.

R.R.S.P.’S & REGISTERED PENSION PLANS

If a deceased spouse owns an R.R.S.P., the funds can be directly rolled over, tax free to the surviving spouse’s existing plan or a new one can be set up.

A lump sum death benefit received from a Company Pension Plan, can be transferred to the surviving spouse’s R.R.S.P. Also contact a representative of the institution holding the R.R.S.P. for details.