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
Recently I blogged about parents placing their adult children as joint holders of a bank account or other asset and the risks of doing so. Lori M. Duffy and Hayley Peglar, lawyers at Weir Foulds LLP, recently blogged about this issue, too. Their blog is a great summary of the perils that can materialize with
Its estimated that more than half of Canadians do not have a will. This applies to many lawyers, too. Why? Well, many just dont like to think about it. Or – I cant find time to get around to it I cant afford it right now I dont really need one Whatever the reason, your
GET 'R' DONE – NOVEMBER IS NATIONAL 'MAKE A WILL' MONTH Read More »
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 Ontarios estate administration tax. However, the problem: the federal Income Tax Act provides that, even
Appointed as an executor or estate trustee by a Will? If the deceased had tax issues on death, it can be problematic for you and expose you to liability claims by the beneficiaries. The CRA has a Voluntary Disclosure Program, which not only will help you, as executor, but increase the chance that the unpaid
There are many benefits to having a Will, too many to identify in a short blog. Here are a few of what I consider the important reasons to have a Will. With no Will: – your Estate may be given to family members you do not wish to benefit (under Ontarios Succession Law Reform Act)
WHY DO I NEED A WILL – IS IT REALLY NECESSARY? YES – A FEW REASONS……… Read More »
Over the past six months, I receive more and more calls about cases involving joint bank accounts between a parent and an adult child (when the parent passed away), most of which involving disputes raised by other adult children of the parent who passes. Joint bank accounts is an increasingly popular tool used by elderly
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