Dear All,


In Indian subcontinent while opening account we can appoint someone as nominee , who will be beneficiary of the amount thats left in the account after the death of account holder. If there is no nominee then the court decides as per hindu/ muslim law of inheritance and eventually sucession certificate is issued stating about the
proportionate inheritance of the sucessors. But for instance Canada is a foreign land and neither Hindu or Muslim law are existant here . So what happens if someone dies with money in his account ?Is there any way that anyone can appoint nominee who will inherit all the money ? If its avialable then I would be obliged if anyone in the form explains to us .

Jazzartist

Most of the people make sure to have their "WILL" for such a senario. So the money will be distributed to all the beneficiaries in their respective proportion as mentioned in the WILL. In case there was no WILL made up, it goes to the estate...

there is no option to appoint someone as your nominee unless it's an rrsp acct. Infact even for GICs, there is no option of appointing any nominee.

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Let's help each other to grow & prosper in Canada

If you want to appoint beneficiary in your RRSP accounts it can be done. I have added beneficiaries to my account when I opened them. If you want to add benefeciary now I think you have to go to a branch and fill out some forms I believe.

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"Progress comes from deviation".

On a side note if anybody finds my comments or posts offensive or irritating please ignore it and if that still bothers you; please write to me and I will demonstrate.

First I would like to thank both Reachash and Azazf for their reply. I am not familiar with the terms RRSP account and GIC . So would request to please calrify . Are there any specific form of WILL for Bank ? where can I fond a specimen of Will?Is the Will prepared in my home country acceptable in Canada? Is it mandatory to have it Notoraized? On top of everything is it given cognizence in Canada. What happen to the deceased persons account s balance if he /she has not made any will or beneficiary ?I would be obliged if I recive any reply on this .Regards.

RRSP-Retirement savings plan(Tax deductible)
GIC-Guaranteed investment certificates similar to Indira vikas patra

You can buy gic's from your rsp account and the interest you earn will be taxed though.

As far as I would think you dont need to notarize it(although notarising it or asking a lawyer to prepare it would be advisable). You can buy a standard form from some lawyer and fill out the details and keep it in a safe place and incase of an incident after your demise they can use that to sort out the financial matters.

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"Progress comes from deviation".

On a side note if anybody finds my comments or posts offensive or irritating please ignore it and if that still bothers you; please write to me and I will demonstrate.

You can get detailed info reg rrsp at http://www.ccra.gc.ca" rel="nofollow">LINK

reg gic, you can go to any major bank website and find the appropriate link...it's like FDs we have in India.

As I mentioned earlier, even for GICs you can't appoint nominees....whereas in India we could appoint nominee for FD.

Only in RRSP acct you can appoint nominee. RRSP can be in the form of savings acct / gic / mutual fund / stocks / bonds etc.

You can get std draft of WILL at Staples/Office Depot/Walmart.

I do not know abt notarisation...please contact any lawyer on the forum or in your area.

Hope this helps.

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Let's help each other to grow & prosper in Canada

Thanks for the informations. My case is I have already opned account in single name with some bank in canada while I am still in my home country . Hopefully my landing will be in some time early next year. So to safguard my interest I am looking for ways .Even if I make will in favour of my wife in our subcontinent style in our stampo paper I dont know if it will be considered valid or not . I should have opned joint account in the first place.Any further advise on how to solve this problem will be appreiciated.Rregards.