Missing Beneficiary Bond
In the event that there is no Will and no known beneficiaries of an estate, a Public Trustee is designated as Guardian as well as Trustee by the court in Ontario.
Once a “known” heir/beneficiary of the estate is found, a Missing Beneficiary Bond is required.
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What is a Missing Beneficiary Bond?
In lieu of getting a will probated, which can be costly, financial institutions, transfer agents, etc. may ask the Executor of the estate to post a Waiver of Probate Bond.
The Waiver of Probate Bond enables the financial institution to re-issue bonds; stocks, etc. to the name of the estate executor so that the estate can be liquidated and distributed amongst the estate heirs.
The bond protects the financial institution/transfer agent in the event that a legitimate claimant comes forth to make a claim against the stock owned by the deceased.
How to apply for a Waiver of Probate Bond
To apply for a Waiver of Probate Bond you will need to provide the following documents:
- Completed Bond Application Form
- Copy of will (if applicable)
- Copy of Geneology
- Summary of heir tracer findings
Contact us to learn more about the prices and application process for the bond.
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Frequently Asked Questions
In Ontario, the Office of Public Guardian and Trustee offers services that protect the financial, legal, and personal interests of estates and their stakeholders.
In the case of no will or no beneficiary, a Trustee/Guardian is appointed to handle the affairs of the Estate.
A “known” Heir is a person who is able to prove their relationship to the owner of the estate. Official documents such as marriage, death, or birth certificates can help.
An heir is a person that has a direct relationship with the owner of the Estate, such as a spouse, siblings, parents, children, and grandchildren.
A beneficiary is a person that benefits from the transfer of assets such as a Trust or property.
Estate Bond Program for Lawyers
If you are an estate lawyer and would like to refer your clients, learn more about our program below:
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Contact us by filling out the form below if your client requires an estate bond, if you have any questions about the estate bonding process, or if you would like to become a centre of influence for your clients.
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