Gilmore and Gilmore Professional Corporation
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BUYER FAILS TO CLOSE REAL ESTATE PURCHASE
The Ontario real estate market experienced a significant correction in the spring of 2017 with the foreign buyer 15% tax imposed by the provincial government for GTA properties and the new Mortgage Stress Test rules. Consequently, many Buyers in the GTA did not close on their transactions because they could not or because they chose not to because of the decline in sale price.
ESTATE ADMINISTRATION – CPP SURVIVOR’S PENSION
If your spouse contributed to CPP, you may be eligible to receive a CPP survivor’s pension. To qualify you must be the legal or common law spouse of the deceased.
The amount of the pension can be a bit confusing to determine. The following link to the Service Canada Website will help you figure it out.
https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-benefit/amount.html
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…]
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…]
NON-CONTINUING POWER OF ATTORNEY FOR PROPERTY
If your Power of Attorney does not specifically indicate that it is a Continuing Power of Attorney for Property or say that it allows the people you name to continue to act for you in the event of mental incapacity, the Power of Attorney will be valid only so long as you are mentally capable.
CONTACT US
Feel free to contact us at any point for assistance or advice with respect to Estate Law, Estate Planning, Estate Administration or Estate Litigation. We may be reached at 705-435-4339 / 1-877-85LEGAL (1-877-855-3425) or contact us via email.
ESTATE PLANNING – DOES YOUR LAST WILL AND TESTAMENT PREDATE 1978?
Was your Last Will and Testament made before March 31 1978? Then read THIS!
If your Will:
a. Was made before March 31, 1978;
b. provides for some of your estate to ‘flow through’ to children or other descendants of named beneficiaries; and
c. does not specifically include children born out of wedlock (e.g. children of a common law couple)
“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…]
WHY USE MEDIATION INSTEAD OF LITIGATION?
Estate litigation is becoming increasingly popular in Ontario. Estate litigation relates to many different aspects of an estate including:
IT IS IMPORTANT TO ENSURE YOU HAVE A GIFT CLAUSE IN YOUR WILL
If your Will leaves specific items to someone, you should ensure a gift clause says what is to happen if that person should predecease you. If you do not, there are some complicated rules within the area of Estate Law, that determine which heirs of the person the gift was intended for will receive the gift.
[Read more…]
HOW CAN I PAY PROBATE TAX?
When a probate application is filed with the Superior Court in Ontario, Estate Administration Tax (Probate Tax) has to be paid on the value of the estate. Often there are no funds available to pay the Probate Tax as the deceased person’s money is in bank accounts that have been frozen because of the death. [Read more…]