January 22, 2019

Misuse of Powers of Attorney

THE MISUSE OF POWERS OF ATTORNEY

A Power of Attorney for Property gives one or more individuals the authority to deal with your assets and liabilities. If there are no limitations in the Power of Attorney (and usually there are not) the Power of Attorney will allow the people you name to do anything you can do except make a Will. [Read more…]

Managing Real Estate Assets …

MANAGING REAL ESTATE ASSETS

If the Deceased owns a house or other real estate, there are some basic steps you will want to take immediately to ensure the security of the real estate asset(s). Consulting a a lawyer about these steps is critically important and should be done sooner rather than later.

That said there are some basic steps you will want to take immediately to ensure the security of the real estate asset(s). [Read more…]

Corporate Executor – When to Use One

IS A CORPORATE EXECUTOR RIGHT FOR YOU?

When you prepare your Will you will need to select one or more executors to administer your estate . People will often select their spouse as their initial executor and their children as their alternate executors.

There may be situations where having a “corporate executor” makes sense for you. A corporate executor consists of executor services provided through a trust company. Many Canadian financial institutions offer corporate executor / estate trustee services. [Read more…]

Beneficiary Rights …

WHAT ARE A BENEFICIARY’S RIGHTS?

If you are the beneficiary of an estate, what information should you expect from the executor / estate trustee and what happens from your perspective as a beneficiary?

First of all, in Ontario there is no requirement for a reading of the will as you see in American TV programs. Beneficiaries of an estate have the right to information concerning the estate and to receive their inheritance in a timely manner. The executor may or may not give you a copy of the will shortly after the death. [Read more…]

Estate Planning – Incorporating Your Business

G+G Shareholder

INCORPORATING YOUR BUSINESS AS AN ESTATE PLAN

There are several aspects of incorporating your business that can become important when estate planning is considered. The structure of your business incorporation and your plans for your shares after your death should be considered as an estate planning tool. [Read more…]

Lawyers and their support team working remotely

LOGMEIN REMOTE WORK SOLUTION

LogMeIn is a computer application that allows you to remotely control a computer. If you have LogMeIn installed on your office computer, you can remotely access and control that computer from any other computer that also has LogMeIn installed on it. LogMeIn can also be installed on portable devices like an IPad or IPhone (the IPhone screen is a little small however). [Read more…]

ODSP Eligibility and Assets

G+G ODSP4

ASSET IMPACT ON ODSP INCOME

The Ontario Disability Support Program provides eligible people with disabilities with income support to pay for living expenses such as food and housing. Eligibility for this program, as well as the amount of income support you can receive, is directly affected not only by a person’s income, but also the assets they own. [Read more…]

Assuming Rental Items in a House Purchase

G+G Rental Items

RENTAL ITEMS AND A HOUSE PURCHASE

In Ontario, it is not unusual to find rental items in a home that is being sold. Such items may include the hot water tank or an alarm system. It is also common for the new owner of the home to agree to assume the contracts of these rental items when they purchase the house. [Read more…]

The Importance of Power of Attorney for Property …

and why you need a Power of Attorney for Property.

A Power of Attorney for Property appoints one or more people to act for you (they are called Attorneys, even though they may not be lawyers) in relation to your various assets and liabilities. A Power of Attorney for Property may authorize the attorney to do anything you can do except make a Will. You can restrict the nature of the Power of Attorney, either with respect to its commencement and/or expiry date, or with respect to which of your assets and liabilities the attorney can deal with. [Read more…]

Collection of Probate Tax … Executors Beware!

IMPORTANT STEPS AND THE COLLECTION OF PROBATE TAX

On January 1 2013 the amendments to the Ontario Estate Administration Tax (EAT and commonly known as Probate Tax) announced in the 2011 Ontario Budget became effective. There have been several audits since.

Key elements of these amendments that Estate Administrators / Executors need to be aware of are: [Read more…]