ODSP ELIGIBILITY AND 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 by a person’s income. Continue reading
FAMILY MEETINGS AND SECURING YOUR LEGACY
A Family Meeting can be an effective component of Estate Planning. If you have a complex Estate or you will be creating an imbalance in the division of your assets amongst your children, a Family Meeting can be useful in helping the family to understand the ins and outs of your Estate and the decisions you are making.
ALTERNATE TRUSTEES AND BENEFICIARIES
Many people who seek to have their Wills drafted are adults whose children have already reached the age of majority and moved away from home. In cases such as these, many people would question the need to have an alternate estate trustee or beneficiary if they name their independent adult child to those roles. However, it is important to consider the possibility that if only one estate trustee or beneficiary is selected, and that person dies before the person who made the Will, then there is no one to act as the trustee or inherit the estate. Continue reading
LEGALESE IN YOUR WILL – WHY?
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. Continue reading
STATUTORY GUARDIAN – SECURITY BOND
The Public Guardian & Trustee (“PGT”) of Ontario becomes the statutory guardian of any person in Ontario who becomes incapable without having a Continuing Power of Attorney for Property. It is possible for someone (usually a relative) to apply to replace the PGT and become a substitute guardian. Continue reading
AGE AT TIME OF INHERITANCE MATTERS
If you do not specify the age(s) at which your children are to receive an inheritance from you, they will receive it at age 18. Very few children have the maturity to handle a significant inheritance (or any form of inheritance) at age 18.
You can specify at whatever age you want your children to receive the money. You can also provide for a graduated distribution with the inheritance being paid out at multiple ages. For example: Continue reading
CANADA PENSION CHILDREN’S BENEFIT
A child who has lost at least one parent who was a CPP contributor may qualify for the CPP Children’s Benefit.
A child is defined as being under the age of 18 or being between the ages or 18 and 25 and in full-time attendance at school or university. The monthly children’s benefit is a flat rate that is adjusted annually. A child may get up to 2 benefits if both parents paid into the CPP for the minimum number of years (3) and each parent is either disabled or deceased. Continue reading
INTESTACY AND VEHICLE OWNERSHIP
If your spouse or loved one died without a Will and left behind vehicles registered in their name only, selling them after their death can be a tricky endeavor. In order to sell a vehicle, the ownership must be signed by the registered owner. If the owner is deceased, the vehicles need to be transferred into the name of their spouse or the person handling their estate in order for the vehicles to be transferred or sold. Continue reading
ARE THEY AN APPROPRIATE ESTATE PLANNING TOOL FOR YOUR REAL ESTATE INVESTMENT?
When purchasing a home, most buyers require a mortgage to finance the purchase. In the midst of all the paperwork and information a bank requires to approve a mortgage, they will often offer life insurance through the bank—insurance that promises to pay off the balance of the mortgage should something happen to you or any other person on the mortgage with you. The cost seems pretty reasonable, they only ask you a few questions on the application and the idea of insurance is reassuring—so should you go for it? Continue reading
HOW MUCH AUTHORITY DO EXECUTOR’S REALLY HAVE?
The authority of an Executor or Estate Trustee comes from the wording of a Will (if there is one), the various Estate Administration Statutes and previous cases that have been decided by Courts.
Estate litigation is rampant in Ontario these days. A trend that seems to be developing is a perception by Executors that they have complete authority to make decisions in relation to the Estate regardless of what the Will says and regardless of what their other legal obligations are. Continue reading
