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Capital property (such as real estate, investments, or personal belongings) owned by the person who died is considered to be disposed of by that person immediately before their death at fair market value, and may result in a capital gain or a capital loss which must be reported on Schedule 3 of the Final Return.

When a successor or beneficiary is named on a registered account, these assets can be passed along to the recipient directly rather than funnelled through the estate. This expedites the distribution of your investment assets and can result in significant tax savings.

Investment Accounts: Much like their bank counterparts, your beneficiary needs only to present identification and proof of death to take ownership of the account. There is no need to go through probate. Like bank accounts, it's very important to keep your beneficiary designations up to date.

Name only living persons as beneficiaries, unless you are naming a trust, your estate or an organization. Do not name the same person or organization as both a primary and secondary beneficiary. Do not use the word ?or? when designating multiple beneficiaries. Do not impose any conditions on payment.

Definition of 'Master Mortgage' The Master Mortgage is a document created when a property is purchased for the first time. It is filed in the public land records and its purpose is to keep track of the initial mortgage and of any liens that might be associated with the property.

A quitclaim deed is most commonly used when transferring property between family members or close friends. In this instance, one person (the grantor) transfers property ownership to another person (the grantee).