Do You Own Foreign Assets?
People who have assets in more than one jurisdiction may wish to prepare and execute an International Will under the “Convention Providing a Uniform Law on The Form of an International Will”. This Convention is included in the relevant succession statute for Ontario and includes, amongst others, the following provisions: All persons licensed under the […]
Planning for Survivorship
It is common to see provisions in wills stating that in order for a beneficiary to inherit, they must survive the testator by 30 days. The advantage of including such a provision is that it avoids extra fees and expenses associated with administering the same assets twice should the testator and the beneficiary die within […]
Protecting Your Estate and Discussing It With Your Family
Date: September 28, 2012 Time: 7:30 p.m. Guest Speaker(s): Andrea P. Kelly, Wills and Estates Lawyer Location: Grace Life Center, 801 Progress Avenue, Scarborough, ON Contact: (905) 764-8599 Sub-Topics: *What happens if you die without a will? * What is a power of attorney and why do we need one? * How to minimize taxes […]
Per Stirpes vs. Per Capita
The legal terms per stirpes and per capita are often misunderstood and have been the subject of much confusion in will interpretation exercises. The recent case of Dice v. Dice Estate, 2012 ONCA 468 (CanLII) discussed these concepts and sheds some light as to their meaning and proper usage. The main issue in the appeal […]
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 […]