December 12, 2017

Mediation in Estate Litigation

Estate litigation is becoming increasingly popular in Ontario. Estate litigation relates to many different aspects of an estate including:

  • Whether or not the deceased had the capacity to make a Will;
  • Whether someone forced the deceased to make changes to their Will which benefited some beneficiaries and not others;
  • Whether those who acted under Power of Attorney before the deceased passed away dealt with the assets properly and had accounted for them;
  • Whether an executor is properly administering an estate;
  • Just about any other aspect of an estate that you can imagine. [Read more…]

Pre-arranged Funerals

MOST ONTARIO FUNERAL HOMES WILL ALLOW YOU TO PRE-ARRANGE YOUR FUNERAL

You can also prepay your funeral but that is not necessary in order to pre-arrange your funeral. For more information click HERE.

Most people arranging funerals for loved ones have never done it before and the death of the loved one is generally unexpected. As a consequence, those arranging funerals for the recently deceased are ill equipped to make sensible decisions. [Read more…]

Prepaying Your Funeral

MOST ONTARIO FUNERAL HOMES WILL ALLOW YOU TO PREPAY YOUR FUNERAL

Additionally you can pre-plan your funeral. For more information on this click HERE

The funeral prepayment does not go to the funeral home before your death. In Ontario, historically prepayments were held in GIC investments in trust for the customer. These days, prepaid funerals may be funded through a life insurance contract. [Read more…]

HST is Applicable on the Real Estate Commission

13% ON THE REAL ESTATE COMMISSION WILL HAVE AN IMPACT ON THE SELLING PRICE

If you are selling your home and using a real estate agent, you will be aware that you will have to pay commission on the sale price. Many sellers, however, are not aware that they also have to pay HST (13%) on the amount of the commission.

Be sure to budget for the HST on the real estate commission when you are selling your home. [Read more…]

Power of Attorney With Only One Witness

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POWER OF ATTORNEY FOR PROPERTY WITH ONLY ONE WITNESS

Prior to 1995 the law did not require 2 witnesses to a Power of Attorney for Property. The law was changed in 1995 to require 2 witnesses.

Provided a pre-1995 Power of Attorney for Property otherwise complies with the Rules which existed at the time, it is not invalid because it only has 1 witness.

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 or contact us via email.

 

Estate Investments

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ESTATE ADMINISTRATION – ESTATE INVESTMENTS

An Estate Trustee (Executor) is required to be careful with estate investments. If the Last Will and Testament of the deceased person gives specific authority to make certain types of investments, an executor can make those investments. Otherwise, an executor should assume that they will be held liable by beneficiaries of an estate (even though they may not actually be liable) for any losses and invest conservatively. [Read more…]

Emotional Issues, Succession Planning and Family Businesses

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SUCCESSION PLANNING IN FAMILY BUSINESSES CAN BECOME BOGGED DOWN BY EMOTIONAL ENTANGLEMENT

Family is the key word in Family Business. The emotional and historical ties that bind the family together can positively and negatively impact the viability of the Family Business. One of the most effective ways to mitigate the negative aspects of emotional family entanglement is to actively, enthusiastically and diligently engage in the process of succession planning.
Most businesses, family owned or not, appreciate that succession planning requires the involvement of outside advisors. Unfortunately, the tendency is to narrow the advisor support to lawyers, accountants and business consultants. All are essential in order to deal with the hard issues of business development, maintenance, and legacy, but most are ill-suited to address the “soft issues” that permeate family businesses. [Read more…]

Mortgage Prepayment Penalty

If you have a closed mortgage and you sell your property (or refinance it) you will be charged a prepayment penalty. The amount of the penalty will be determined by the terms of your mortgage. In Ontario it is common for the prepayment penalty to be the greater of the interest rate differential and three months’ interest. [Read more…]

Using a Power of Attorney to Close a Real Estate Transaction

IT IS BECOMING MORE DIFFICULT TO USE A POA TO CLOSE A REAL ESTATE DEAL

People who are buying or selling a house may consider having a Power of Attorney so someone else can sign for them if they are not going to be around to sign the closing documents. The use of Powers of Attorney to close purchase, sale or mortgage transactions is becoming increasingly difficult. [Read more…]

Spousal Trust in a Will

SPOUSAL TRUSTS CAN BE COMPLICATED, ENSURE YOU SEEK THE ADVICE OF AN ACCOUNTANT AND LAWYER

If you have children from a previous marriage, you may want your new spouse to benefit from your estate while they are alive and have your estate pass to your children on the death of your new spouse.

You can accomplish this with suitable provisions in your Will that detail whether your entire estate or parts of it are to be held for the benefit of your new spouse. [Read more…]