Lougheed Funeral Home

252 Regent St.

Sudbury, ON P3C 4C8

Phone: (705) 673-9591

Fax: (705) 675-2998

Email: jacksonsinfo@lougheeds.ca

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Benefits and Transfer of Assets

Below is a list of considerations when transferring assets following a death as well as helpful contact information.

1.	Canada Pension Plan

2.	Old Age Pension

3.	Work Benefits

4.	Lodge Benefits

5.	Veterans’ Benefits

6.	Insurance

7.	Workers’ Compensation Board

8.	Ownership Name Changes: House/Property

9.	Ownership Name Changes: Automobile

10.	Ownership Name Changes: Bank Accounts

11.	Joint Accounts

12.	Stocks & Bonds

13.	R.R.S.P.s & Registered Pension Plans / RIFS

14.	Power of Attorney

15.	Lawyer - everyone should have a will!

16.	Holograph Wills

17.	Taxes

Question #1	Canada Pension Plan
Answer:	Anyone who has worked in Canada since 1966, for a period of 10 years or more and is currently working or has retired is entitled to receive a death benefit. If you have worked less than 10 years since 1966 or retired before the age of 65, there may be a benefit of a lesser amount. The benefit varies as to what has been paid in. If you wish to check on the amount of your benefit contact 1-800-277-9914 and have your SIN # available. As well as the death benefit, a monthly pension may be available for the surviving spouse and/or “dependent” children. In order to receive any benefits YOU MUST fill out the applications (which we will provide at the time of death) and provide all needed documentation to the Income Security Programs Office.

Question #2	Old Age Pension
Answer:	If you are receiving Old Age Pension, your next of kin will be entitled to the cheque in the month the death occurs. There are no other death benefits from Old Age Pension.

Question #3	Work Benefits
Answer:	Many companies have a death benefit for their employees. It is a good idea to check at the place of employment for such a benefit. Locally the two largest employers have such a package for most employees: Vale INCO - Asks that every family of an employee contact the Vale Pension Helpline at 1-888-351-5549. An original Proof of Death Certificate must be mailed to Vale at VALE-Death Notification, 70 University Ave., P.O. Box 5, 4th Floor, Toronto, ON, M5J 2M4, Fax: 1-416-510-0328 Glencor (a.k.a. Xstrata/Falconbridge) - Contact Benefits office at 705-693-2761 ext. 3366, Leigh-Ann Knight. those who worked at Falconbridge - or their spouse- may be eligible for a life insurance payment. The funeral home will provide Glencore with an original Proof of Death Certificate.

Question #4	Lodge Benefits
Answer:	If you are a member of a Lodge, Club or organization it is worthwhile checking for any possible benefits by contacting the local office or president.

Question #5	Veterans’ Benefits
Answer:	There may be benefits available for a veteran at the time of death. To find out if you qualify for such a benefit contact Last Post Fund-Ontario at 1-800-563-2508.

Question #6	Insurance
Answer:	Your family will contact your agent (or head office) when death occurs and inform them of the death. The funeral home will provide any statements of death necessary upon request. Each insurance company has its own methods. Once you have informed them, simply follow the instructions they give you.

Question #7	Workers’ Compensation Board
Answer:	If the death has occurred on the job, as a result of a work related accident or health condition, a benefit may be available from Workers’ CompensationBoard. Call 675-9301.

Question #8	Ownership Name Changes: House/Property
Answer:	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 564-4300 regarding submitting the form. There will be a small fee for the transfer.

Question #9	Ownership Name Changes: Automobile
Answer:	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, 40 Elm Street, Sudbury - 674-4503. They will re-issue you an appropriate new slip. There will be a small fee.

Question #10	Ownership Name Changes: Bank Accounts
Answer:	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.

Question #11	Joint Accounts
Answer:	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. 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.

Question #12	Stocks & Bonds
Answer:	With respect to stocks and bonds, check with the bank manager/stock broker about what is required to have them changed or cashed. 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.

Question #13	R.R.S.P.s & Registered Pension Plans / RIFS
Answer:	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.

Question #14	Power of Attorney
Answer:	This is a legal document in which an individual empowers another individual with the authority to act on his/her behalf in conducting his/her financial affairs, when an individual becomes permanently or temporarily disabled or incapacitated. A Power of Attorney¹s authority ends at the time of death of the individual they are representing at which time the executor or the legal next of kin takes over. You will need a lawyer to draw up Power of Attorney papers. It is strongly recommended for spouses to protect your rights under the current legislation.

Question #15	Lawyer - everyone should have a will!
Answer:	The need for a lawyer is dependent upon the complexity of the estate. In matters of land, property, stocks and bonds, multi-beneficiaries, feuding beneficiaries, or a complicated Will, it is probably wise to involve a lawyer. A small estate of liquid assets (mostly cash) usually can be handled by the family. Where there is a Will, it is up to the executor to decide if he or she wishes to use a lawyer or do the work on their own. If there is no Will, (intestate) the family in a small estate may simply make the appropriate changes themselves. If the estate is more complex, the family may file with the court for letters of administration to disperse the estate themselves. However, in the former instance, a lawyer may be used. If you are going to use a lawyer choose him or her very carefully, make sure he/she is reliable and efficient. Remember, just because a particular lawyer has made the Will and holds it at his or her office, you are not bound to use that lawyer to probate the estate. Pick out a lawyer you can trust and put your faith in. If you do not know any lawyers, ask friends and relatives for suggestions. It may well be wise to ask the funeral director as he/she works with all the lawyers on a continuing basis.

Question #16	Holograph Wills
Answer:	Although a Will drawn up by a lawyer is usually preferable, you can purchase Will outlines at a stationery store or write up a Holograph Will. A Holograph Will is written by the hand of the maker, dated, signed and usually witnessed, it is legal and for very simple estates a useful option.

Question #17	Taxes
Answer:	Is there any tax on the estate? Seldom. Under the current Estate Tax Laws only financially larger estates will be taxed. If you have any doubt as to your situation contact an accountant. Do I need to file a tax return for the deceased? Yes. If the deceased has earned taxable income in the year of his/her death a tax return must be filed. For help contact the District Tax Office, 19 Lisgar Street South, Sudbury P3E 3L5 at 671-0581 or 1-800-461-4060. If I pay for a funeral, is it considered a tax deduction? No.

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Lougheed Funeral Home

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Benefits and Transfer of Assets