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. Continue reading
SPOUSAL TRUSTS CAN BE COMPLICATED, ENSURE YOU SEEK THE ADVICE OF AN ACCOUNTANT AND LAWYER
If you have children from a previous marriage, you may want your new spouse to benefit from your estate while they are alive and have your estate pass to your children on the death of your new spouse.
You can accomplish this with suitable provisions in your Will that detail whether your entire estate or parts of it are to be held for the benefit of your new spouse. Continue reading
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). Continue reading
ARE YOU AN ESTATE TRUSTEE THAT NEEDS PROBATE?
Gilmore and Gilmore offers a straight forward, and cost effective Probate Application service for Estate Trustees / Executors who are otherwise willing and able to administer the Estate they are charged with overseeing. Continue reading
WATER POTABILITY TESTS ARE CRUCIAL FOR COUNTRY A PURCHASE
If the property you are buying is located in the country, it will probably be serviced by a well. A buyer needs to ensure that the water is potable (drinkable). It is common for an Agreement of Purchase and Sale to indicate that the seller will provide a Water Potability Certificate. Continue reading
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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CONCERNS WITH JOINT ASSETS WITH CHILDREN FOR ESTATE PLANNING PURPOSES
Clients often ask us to transfer their assets (including their house) so that it is held jointly between them and one or more of their children. Transferring your assets into your name and one or more of your children’s names as joint tenants in order to avoid probate tax is often a bad idea. Continue reading
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. Continue reading
DROPBOX ALLOWS REMOTE ACCESS TO ALL YOUR FILES
DropBox is cloud based storage for your computer. With a DropBox account you can save your office files to DropBox and then access those files from home or anywhere else you might happen to be.
DropBox simply appears in your file explorer window as a drive. You can create subfolders within your DropBox account. Continue reading
TRUSTS AND THEIR USE IN ESTATE PLANNING
Trusts are similar in function to a gift left to someone in a Will, except that Trusts can be set up either within a Will or while the “settlor” (the person creating the Trust) is still alive. A Trust is created using a written instrument that sets out the terms of the Trust. A Trust needs to appoint at least one trustee, who administers the Trust for the settlor according to the terms set out in the document. Most Trusts are set up to be “irrevocable” which means that once they are set up and the assets and/or money being held by the Trust is transferred to the trustee, the settlor cannot change their minds and get the assets or money back. Continue reading
