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…]

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…]

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…]

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…]

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.

[Read more…]

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…]