When You Outlive Your Beneficiary
Generally when people place their death wishes in a will, they do not contemplate that their named beneficiary may die before them. Should this situation arise and the will maker did not make provision for it, unintended consequences may result. Lapse is a term used to describe the scenario in which a gift is made […]
Too Many Beneficiaries, Not Enough Assets!
Most testators who make wills do so with it mind that they will have enough assets in their estate to satisfy not only their debts and obligations but also the gifts they wish to make on their death. Nevertheless, life is full of twists and turns which can render even the best of intentions ineffective. […]
Providing Protection for a Disabled Dependent
Planning for future financial needs is a normal part of most people’s life cycle. There are many suitable options available, depending on one’s goals and objectives, values, resources and, as we shall see here, the people one would like to benefit. For example, now that students are back in school, families with children in elementary […]
Will Gifts That Are a Matter of Class
A class gift in a will is one in which property is given to a group of beneficiaries determined by their relationship to the testator (will maker). The wording used may be to the testator’s siblings, nieces and nephews, sisters or brothers, for example. There is an element of uncertainty present in that at the […]
A Thorough Estate Plan Brings Peace of Mind
Many people are of the view that a will is the type of document that can be completed by filling in a few blanks on a stationer’s form or that they are a five minute drafting job. I have received many calls from individuals who advise they would like a “simple” will. Unfortunately, many litigation […]
Holograph Horrors
A holograph will is one that is written entirely in the handwriting of the person who is making the will, known as the testator. The testator must sign and date the will but it does not need to be witnessed. A stationer`s form, or will kit, as they are often called, will not be considered […]
Got Plans for Your Land? Then Check the Zoning By-Laws…
Ever wonder if the guy down the street from you is really allowed to keep a pet elephant? What about the lady who just opened a butcher shop in her garage or the religious group which has its place of worship in the community park? The use of land in a community can be a […]
Child Inheritances: A Matter of Trust
There are a number of ways that a child under 18 (referred to as a “minor”) may inherit assets. The child could: be named as a beneficiary in a Will inherit from a relative who dies without a will (referred to as “dying intestate”) if the child is one of the legal beneficiaries under the […]
Become Principal Residence Savvy!
Real estate has long been a much sought after type of investment due to its income earning potential and its historical trend of increasing in value over time. In fact, many believe they will “cash in” by holding real estate in their asset portfolio and eventually selling it for significant profits. However, there are tax […]
Does Your Estate Have Moral Obligations?
One of the many benefits of preparing a will or estate plan is the opportunity to direct how your assets should be distributed on your death. However, as each individual’s circumstances are different, your freedom to have your instructions followed may be affected by obligations your estate will eventually owe to others. Provincial legislation enables […]