Let’s say the government needs your property (i.e., expropriate your
property) to develop a transit line and offers you $400,000. Michelle would
get the $400,000 compensation.
Let’s say you sell your house but hold a $600,000 mortgage from the buyer
→ Michelle gets the right to collect those mortgage payments
Let’s say your house burns down and the insurance company owes you
money for the house.
If something happened to the
property (specifically a loss or
damage to the property)
Then your beneficiary gets the
insurance money for the loss or
damage to the property, whether
the loss or damage occurred before
or after the making of the will.
Section 20(2)(b)
Section 20(2)(c)
If the government needs your
property and will pay you for it
Then your beneficiary gets the
compensation
Section 20(2)(d)
If you sold the property but you're
collecting mortgage payments on it
Then your beneficiary gets those
payments.
Let’s say that Dave wrote in his will that he’d like his friend, William, to have his comic book
collection. Months later, Dave passes away. But just before he died, Dave signed a deal to sell his
comic book collection to a comic book shop for $50K, which would have been paid out to him two
weeks after the date of his death.
Does this mean William is out of luck?
Nope, thanks to section 20(2)(a) of the SLRA! Here’s what would happen: William would be entitled to the $50K
that would have been paid out to Dave.
Example
15
Lesson 1 – Preparing a Will
Michelle would get the insurance money.