November 20, 2019

Archives for August 2019

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…]

Exceutor’s Authority and Responsibilities – How much?

G+G King of the Castle

HOW MUCH AUTHORITY DO EXECUTOR’S REALLY HAVE?

The authority of an Executor or Estate Trustee comes from the wording of a Will (if there is one), the various Estate Administration Statutes and previous cases that have been decided by Courts.

Estate litigation is rampant in Ontario these days. A trend that seems to be developing is a perception by Executors that they have complete authority to make decisions in relation to the Estate regardless of what the Will says and regardless of what their other legal obligations are. [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…]

Options After the Death of a Spouse: Equalization

EQUALIZATION AFTER DEATH OF SPOUSE IS AN OPTION

A Spouse has options to ensure that they receive appropriate financial support from the Estate of their deceased Spouse.  When a spouse dies, the surviving spouse does not necessarily have to accept whatever the deceased spouse has left them in their Will, particularly if the amount appears unfair. [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…]

Are Joint Accounts part of an Estate?

ARE BANK ACCOUNTS PART OF THE ESTATE ASSETS?

It is not uncommon for parents to make their bank accounts joint with one or more of their children. This is particularly so when the parents are quite elderly.

When an account is owned jointly, it typically passes to the surviving account holders on the death of another account holder. In that case are the surviving joint account holders entitled to keep that money themselves or does it form part of the deceased account holder’s estate? [Read more…]