Question:
What happens to a property when someone dies without any relatives?
Answer:
There are relatives, you just don’t happen to know who they are.
This type of an estate is administered by the Office of the Public Guardian and Trustee. They will assume administration of the Estate, sell the property and hold onto the proceeds. Most assets will be sold in the first two years and converted into money.
Following full administration of the estate the proceeds will be delivered to the general revenue fund of the Province following a Court Order. This takes place after 10 years. So, there’s plenty of time for the true and rightful beneficiaries to come forward. Even after the funds have been transferred, there’s still a chance to get it back. The beneficiaries share in the money, the property is long since gone.
If indeed there are no relatives whatsoever, then then estate will escheat to the Crown (which is the Province of Ontario).
Brian Madigan LL.B., Broker