July 17, 2019

CPP Survivor’s Pension

G+G CPP Survivor

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 

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Non-continuing Power of Attorney for Property

G+G POA3

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.

Last Will Dated Before 1978

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)

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Mediation in Estate Litigation

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:

  • 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…]

Power of Attorney With Only One Witness

G+G POA4

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 / 1-877-85LEGAL (1-877-855-3425) or contact us via email.

Holograph Will – Write your own Will

WRITING YOUR OWN WILL IS REFERRED TO AS A HOLOGRAPH WILL

Contrary to popular belief, an Ontario Will may be valid even if there are no witnesses to the Will.

If a Will is made entirely in the handwriting of the testator (person making the Will) and signed by that person, no witnesses are required to sign the Will. Such a Will is called a Holograph Will. [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…]

Mortgage Prepayment Penalty

MORTGAGE PREPAYMENT PENALTIES

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…]

Estate Investments

G+G Estate Investments

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…]

New Mortgage Stress Test – Buyer Issues with Mortgage Financing

BUYER ISSUES WITH MORTGAGE FINANCING

With Canadians taking on ever bigger mortgages, the Federal Government introduced new “Stress Test” mortgage rules in 2018.  In addition to financially qualifying for your mortgage now, you must also qualify for the amount of your mortgage based on the five year mortgage rate +2%.  The concern of the Federal Government being if you cannot qualify to carry the mortgage in five years there will be many foreclosures and it will have a significant negative impact on home values.

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