May 22, 2019

Archives for February 2018

Investments Under Power of Attorney

G+G POA Investments

ESTATE ADMINISTRATION – INVESTMENTS UNDER POWER OF ATTORNEY

An Attorney acting under a Power of Attorney for Property is required to be careful with investments. If the Power of Attorney for Property of the incapacitated person gives specific authority to make certain types of investments, an attorney can make those investments. Otherwise, an attorney should assume that they will be held liable by the incapacitated person or the beneficiaries of their estate when they die (even though they may not actually be liable) for any losses and invest conservatively. [Read more…]

Estate Property and Vesting

G+G Estate Property2

ESTATE PROPERTY MAY “VEST” 3 YEARS AFTER THE DATE OF DEATH

As a general rule, real estate that has not been transferred by an Executor / Estate Trustee of the Estate will “vest” in the beneficiaries of the Estate 3 years after the date of death. There are some exceptions: [Read more…]

Cutting kids out of your Will (Disinheriting)

DISINHERITING …

When parents draft Wills they occasionally decide that one or more of their children should receive less than their other children. In some cases parents decide to leave nothing to one or more of their children.

There are many reasons for treating children differently when it comes to their inheritance: [Read more…]

More Debts than Assets in an Estate

G+G Estate Debt2

WHAT TO DO WHEN THERE ARE MORE DEBTS THAN ASSETS IN AN ESTATE

What does an executor do if the debts of the estate exceed the assets?

First of all, the executor (estate trustee) is not required to assume the executor role. Dealing with an insolvent estate can be complicated and time consuming. However, many estate trustees (executors) named in a Will seem reluctant to not tie up the loose ends of their loved one. [Read more…]

Probate Tax – How much does it cost?

G+G Calculator

PROBATE TAX – WHAT IS IT AND HOW MUCH DOES IT COST?

What is Probate tax? It is a provincial tax imposed on the deceased’s estate under the control of an executor or administrator.

How much will the probate tax be on an estate? Here is a simple approach to calculating the tax. [Read more…]

No Will, Spouse or Children: Where Do Your Assets Go on Death?

NO WILL AND NO OBVIOUS HEIRS? NOW WHAT?

Contrary to popular belief, the government does not automatically take the assets of a person who dies without a will leaving no spouse or children to inherit. The Succession Law Reform Act provides for parents, siblings, nieces and nephews to inherit if no spouse or children survived the deceased. Even if a person dies leaving no parents, siblings, nieces, or nephews, the government would not be next in line for a deceased’s assets. [Read more…]

“Unvesting” Estate Property

G+G Estate Property3

“UNVESTING” REAL ESTATE  NOT TRANSFERRED WITHIN 3 YEARS OF DEATH

If property has vested because it has not been dealt with by the Executor / Estate Trustee within 3 years of the date of death there are options available to an Executor. [Read more…]