May 22, 2019

Specific Gifts in a Will

G+G Estate Gift1IT IS IMPORTANT TO ENSURE YOU HAVE A GIFT CLAUSE IN YOUR WILL

If your Will leaves specific items to someone, you should ensure a gift clause says what is to happen if that person should predecease you. If you do not, there are some complicated rules within the area of Estate Law, that determine which heirs of the person the gift was intended for will receive the gift. [Read more…]

How Can I Pay Probate Tax?

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HOW CAN I PAY PROBATE TAX?

When a probate application is filed with the Superior Court in Ontario, Estate Administration Tax (Probate Tax) has to be paid on the value of the estate. Often there are no funds available to pay the Probate Tax as the deceased person’s money is in bank accounts that have been frozen because of the death. [Read more…]

What to do with the deceased’s cards?

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ESTATE ADMINISTRATION – WHAT TO DO WITH ALL OF THE DECEASED’S CARDS?

There are different requirements and recommendations relating to the various cards when someone dies – credit cards, health card, Social Insurance Card, etc. – once those cards are no longer needed.

To reduce the risk of identity theft (it does still occur after a person has died), cards should be physically destroyed. The Executor / Estate Trustee should also ensure the cards are returned to the issuer, so identity theft does not result in liability to the estate. Some issuers have forms that need to be submitted with the pieces of the card, although most do not. [Read more…]

How Can I Pay Funeral Expenses?

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HOW CAN I PAY FUNERAL EXPENSES?

When a person dies, unless they have prepaid for their funeral, this expense will have to be paid by the Estate Trustee or Executor. Often there are no funds available to pay the funeral expenses as the deceased person’s money is in bank accounts that have been frozen because of the death.

Banks are permitted to release funds to pay funeral expenses and most Canadian Banks will readily provide the necessary funds for funeral expenses. If the bank will not, you may have to bring a ‘Motion’ to the Court to defer the payment of the funeral expenses until the Probate Document (called a ‘Certificate of Appointment of Estate Trustee’) has been issued by the court.

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.

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…]

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…]

No Will and Separated … Who Inherits What?

PREFERENTIAL SHARE OF MARRIED SPOUSE IF YOU DIE WITHOUT A WILL

(EVEN IF YOU HAVE BEEN SEPARATED, BUT NOT DIVORCED, FOR MANY YEARS)

On intestacy (dying without a Will) where the deceased was married at the time of their death (whether or not they are separated), the Succession Law Reform Act provides that the first $200,000.00 of the estate be paid to the deceased’s married spouse at the time of death. The rest of the estate is divided between the spouse and any surviving children of the deceased. If there are no surviving children the married spouse gets the entire estate.

[Read more…]

Ontario Retail Sales Tax Clearance Certificates

IN ONTARIO RETAILS SALES TAX CLEARANCE CERTIFICATES ARE STILL REQUIRED

Ontario has had harmonized sales tax (“HST”) since July 1, 2010. Ontario Retail Sales Tax formed a lien against the assets of a business if they were sold unless a Clearance Certificate was obtained from the Retail Sales Tax Office prior to closing.

A Retail Sales Tax Clearance Certificate is still required for any sale of all or substantially all of the assets of a business, even if it closed after the HST came into effect in Ontario. [Read more…]