June 26, 2016

Beneficiary 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

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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…]

Independent Legal Advice in Real Estate Transactions

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There are situations where one or more people involved in a real estate transaction will be required to obtain independent legal advice prior to the deal closing. [Read more…]

ODSP Eligibility and Assets

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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

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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…]

Incorporating Your Business: Liability Considerations

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There are many positive reasons to incorporate your business or professional practice. The main reason lawyers recommend clients consider incorporating is to limit personal liability with respect to the corporation’s actions. Unlike a sole proprietorship or a partnership, a corporation is a separate legal entity. Often shareholder’s liability exposure in a corporation is limited to the amount they have invested in the corporation, thereby protecting their personal assets. [Read more…]

Estate Assets …

When beneficiaries of an estate come to see me, they often are not aware of the extent of the estate assets.

A Will does not usually have the details of the assets in it. There is a good reason for that. If you list the assets in the will, the will has to be changed when assets are acquired or disposed of. [Read more…]

Appointment of Guardians of Children in Your Will

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Parents who have children under the age of majority will naturally want to provide for them in their Wills. In addition to arranging their inheritance, most parents will want to name a guardian for their children should both parents die at the same time or if a parent is in a single-parent situation. [Read more…]

Legalese and Its Role in Your Will

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You decide that you should have a will written to protect yourself and your assets upon your death. You decide what you want this important document to say and get lawyer to draft it. But when the Will is sent to you for your review, you are surprised to find that it is written in “legalese”—a language that can be confusing for the lay person. [Read more…]

Estate Planning and Separation

SEPARATION AND THE IMPACT ON ESTATE PLANNING

It is important to review your estate planning upon separation from your spouse. Separation by itself will not have an effect on your Will or the distribution of your estate. Some of the things to consider and discuss with your lawyer are:

  1. You should consider revoking your Will and Powers of Attorney and making new ones right away, and possibly another Will when matters with your spouse are resolved;
  2. If you do not have a Will, you should consider preparing one;
  3. If you own property with your spouse as joint tenants, including your matrimonial home, you should consider the advisability of severing the joint tenancy;
  4. You should consider changing your beneficiary designations for life insurance policies, RRSPs, etc. [Read more…]