You have recently lost a family member or longtime friend who has named you as the Executor in their Will. We have all heard the term ‘Probate’, but the one question that I hear on a regular basis is “What is Probate?” which is usually followed by, “Will we need it?” and “Can you help?”. […]
TO PROBATE OR NOT TO PROBATE, BUT WHAT REALLY IS THE QUESTION? Read More »
Have you been asked to act as either an Estate Trustee or an Attorney granted by a Power of Attorney for Finance for a family member or friend? Do you know what you need to do? The first step is to determine the value of the individual’s assets. The value will need to be determined
KEEPING RECORDS AS AN ESTATE TRUSTEE OR POWER OF ATTORNEY Read More »
Caregivers are increasingly being held to a higher legal standard. They are now generally regarded as a “fiduciary” to the person to whom they provide care. A fiduciary has higher obligations legally – caregivers are now in that category. Historically there are general categories of fiduciary relationships that have evolved in Ontario. They include: agent
So, you have been named as an “estate trustee” (i.e., executor) in a last will and testament – what now? This is typically an onerous role, so it is important you understand your duties and potential liabilities if you accept this role, which you must decide at the outset. In Ontario, “probate” is an antiquated
WHAT DOES "PROBATE" MEAN? DO I REALLY NEED A LAWYER TO "PROBATE" A WILL? Read More »
You know you should do it – make an estate plan. Do a last will and testament and your powers of attorney. Don't let the government take more than necessary; protect your beneficiaries. But what happens if you don't listen and you have no will or estate plan? Is it really that bad? Answer –
WHAT HAPPENS IF I DIE WITHOUT A WILL? WHAT'S ALL THE FUSS ABOUT? Read More »
So, you’re unhappy with the last will and testament of a family member, or someone from whom you reasonably expected to inherit…… Legally, any person can challenge the validity of a Will, but there are only certain grounds to do so. If you do not qualify within one or more of these recognized grounds, the
Generally, you can designate a beneficiary for your RRSPs. If you do, generally the RRSP will be paid to your designated beneficiary on your passing. The RRSP will not form part of your Estate and, therefore, not be subject to Ontario’s estate administration tax. However, the problem: the federal Income Tax Act provides that, even
What happens when a person in Ontario becomes disabled or incapacitated, to the extent that the person cannot make decisions about his or her own health care or treatment? In short, someone else is authorized or appointed to make those decisions for the incapacitated person, subject to certain rules and duties imposed by law. However,
Your usernames and passwords for your online accounts should be an important part of your Estate plan. You should include them in your Will, or in a memorandum to your Trustee for your estate. You should keep these updated regularly. Currently the law in Ontario and Canada does not properly address digital assets on death.
USERNAMES AND PASSWORDS – A KEY PART OF YOUR ESTATE PLAN Read More »
Everybody should have an estate plan namely, a Will and powers of attorney, at least. What happens to your existing plan if you marry or separate/divorce? If you marry, you will (perhaps unwittingly) revoke your Will automatically in Ontario, unless your existing Will specifically says that you made it in contemplation of marriage. Therefore, if you
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