Estate Planning And Wills
Cottages are hugely sentimental, and emotions often run high when heirs try to work out an ownership agreement amongst themselves.
As a qualified trust and estate practitioner, I often receive an increased number of calls in January from people who are either updating their wills as part of their New Year's plans, or unfortunately, experienced the loss of a friend or family member.
Disinheritance is defined in Black's Law Dictionary as "the act by which the owner of an estate deprives a person of the right to inherit the same, who would otherwise be his heir." As such, it can be extremely unsettling for a child to find out that they have been disinherited from their parent's estate.
Our population is now the oldest it ever has been, with more people currently aged 65 and older than there are children under the age of 15. As with any significant demographic shift, this trend has significant implications for society at large, impacting health care, finance policy, infrastructure, family relationships, and legal issues.
A primary consideration in the estate planning process should be the safe keeping of original planning documents (such as a will or a power of attorney). In Ontario, in order to obtain a grant of probate, the named estate trustee typically needs to provide the court with the original will, pursuant to the Estates Act.
It is not uncommon for people to have more than one spouse or common-law partner in the course of their lives. Dealing with the estate of a spouse or the division of assets after a breakdown of marriage illustrates how building a common life as a married couple creates legal entitlements and obligations.
“Let him who desires peace prepare for war.” Who would have thought that this quote by Flavius Vegetius Renatus could be
The word probate, while still very frequently used by lawyers, may confuse people who do not have a legal background. Part of the confusion stems from the fact that the word probate is an old-fashioned term that can refer either to a legal process or to a particular kind of court order.
Amendments to the Income Tax Act have been made that incentivize planned charitable giving. Prior to 2016, gifts to registered charitable organizations made by will received tax credits that could only be used in the year of the testator's death or carried back to the preceding year.
Occasionally, criminal law and estate law intersect. That intersection was particularly shocking in the high-profile cases of Helmuth Buxbaum and Peter Demeter. Both were convicted of arranging the murder of their wives and both tried to collect on life insurance policies in their respective wife's name.
It has been estimated that $750 billion will be inherited in the next decade by the Baby Boomer Generation. Within those
It has been said that if you fail to plan, you plan to fail. This statement rings true in the context of estate planning. A disorganized estate plan is ripe for expensive litigation that will deplete the assets of the estate. A Last Will and Testament is usually the cornerstone of an estate plan but can be disputed by disappointed beneficiaries.
Will challenges can involve a great deal of time and expense, many times to the detriment of the estate. There are multiple grounds upon which a will challenge may be based; however, the two most commonly pleaded are lack of testamentary capacity and allegations that the testator was subject to undue influence.
As more Canadians are choosing to spend greater time abroad, it has become increasingly common for estates to include foreign-based assets upon death. From an estate law perspective, foreign-based assets can give rise to estate administration issues that are best addressed as part of an estate plan created in consultation with professional advisors.
When you make a will, you decide who is going to get your money in the event of your death. The hope is that you not only set up the next generation for financial success, but you also pass along positive financial values they can carry throughout their lifetime.
According to Statistics Canada, the "sandwich generation" now includes more than two million Canadians -- or 28 per cent of all caregivers in Canada -- with the majority being women between 35 and 44 years old. This number is only expected to rise as Canada's population ages and the older generation is no longer capable of caring for themselves. That leaves us with a generation stuck with caring for their late-leaving adult children and their ailing parents at the same time. How do they cope?
You will need to pay close attention to financial decisions necessary to protect your housing security. Although a home is often the largest asset owned, it is also the one with the least research and supports available when it comes to Alzheimer's and legal and financial matters.
It is deeply hurtful to even remotely consider that someone from your most trusted group of allies could be intending to take advantage of you when you are most vulnerable, but avoiding this issue only leaves you more vulnerable. Your best line of defence is to increase your awareness on some of the more typical financial threats.
Dying in Canada has become more personalized -- but more complicated than ever below. But it doesn't have to be this difficult.
The challenge we face is, in the context of this unprecedented shift of multi-generational wealth, the trust industry -- those charged with stewarding this process -- has largely lost the public's confidence. Now more than ever, our aging population needs dedicated independent trust companies that are focused on helping families through difficult points in their lives, but we need to put the trust back in the industry.