5. Distribute the residue and close accounts

After you pay the estate's debts, distribute bequests and legacies, and you've settled the estate trustee fees, you can distribute the residue to the beneficiaries.

If there's a will, you distribute the residue based on what the will says. For example, the will may say that the residue should be shared equally among all the person's children.

Intestacy rules

If the will says nothing about how to distribute the residue, or if there's no will, then the intestacy rules apply.

The intestacy rules say that the following people have a right to get property when someone dies without a will:

• a legally married partner, and
• biological and adopted children.

If the person was separated from their married partner, different rules apply. If the person was not married and did not have children, their next closest relatives who are alive, get the property following a specific order.

The intestacy rules leave nothing to:

• a common-law partner
• a stepchild the person did not legally adopt

Learn more about the intestacy rules here:

• I’m married. What happens if I die without a will?
• I’m not legally married. What happens if I die without a will?

Close accounts

After you pay all the estate's taxes and debts, and distribute the estate, you can close accounts. For example, you can close:

• the person's chequing, savings, and investment accounts, if they're not closed already
• the estate bank account you opened

If you finished distributing the estate, all of these accounts should be empty.

It's a good idea to let Canada's 2 credit bureaus, Equifax and TransUnion, know about the death to prevent fraud. So, for example, no one can apply for a new credit card in the person's name.