A Real Estate Agent`s Duty to Verify
In our recent post Vendor Disclosure for House Sales, we discussed the role and duty of a vendor with respect to representations made in the course of selling a home. In the case Krawchuk v. Scherbak, 2011 ONCA 352 (CanLII), the Ontario Court of Appeal decided that the vendor owed a duty to the purchasers […]
Vendor Disclosure for House Sales
Purchasing a home can be a daunting task, even in ideal situations. Design, purchase price and transaction costs, mortgage qualifications, closing date, future value, suitability for familial or other needs are just a few of the plethora of considerations. Whether you`re buying new or used, you ultimately want to make a good investment. However, in […]
Reimbursing Estate Trustees for Costs
The long-standing principle that estate trustees are entitled to be indemnified for all reasonably incurred costs was recently reiterated in the case Sawdon Estate v. Sawdon, 2014 ONCA 101 (CanLII). Specifically, the Ontario Court of Appeal confirmed that legal costs, including those incurred for trial, are repayable to the Estate Trustee on the basis of […]
Creating Informal Trusts
Many people assume that the creation of legal obligations must be in writing to be legally enforceable, which is not the case. The potential to create legally enforceable obligations via verbal means has long existed. In the wills and trusts arena, people continue to choose, arguably unwisely, not to put their death wishes and intentions […]
When Can A Court Delete Or Add Words To A Will?
Unfortunately, from time to time, errors are made in making a will, the implications of which leave much uncertainty as to the disposition of an estate. While the interests of beneficiaries and other stakeholders hang in the balance, courts are often asked to determine how a will should be interpreted and what, if anything, should […]
Estate Representation for Tribunal Cases
The application process to be formally appointed as an estate trustee can be complicated and take as long as several months to be granted. It can also be expensive due to the applicable estate administration tax which is based upon a formula that essentially works out to a percentage of the value of the assets […]
Can Estate Debt Cancel RRSP Designations?
From time to time, the assets of an estate are not enough to pay all debts of the estate. Therefore, a body of law has developed to determine such issues as where creditors may look for payment after the debtor’s death, the ranking of creditor claims and the division of insolvent estates’ assets amongst beneficiaries […]
The Importance of Estate Liquidity
It has been said that there are two certainties in life—death and taxes. Unfortunately, there are many more uncertainties about what the future holds which can impact one`s estate plan—even if your estate plan is to have no estate plan! The cases demonstrating the value of having cash on hand for payment of estate expenses […]
Do You Have To Act As Estate Trustee?
In preparing a will or estate plan for a client, I often recommend that they ask the person(s) they propose to appoint as estate trustee (executor) in their will whether they would be willing to perform such role. It is not uncommon to have those appointed to this role decline at the relevant time for […]
When Can An Estate Trustee Take Compensation?
An Estate Trustee is entitled to a fair and reasonable allowance for his care, pains and trouble and time expended for the performance of estate trustee’s work. In determining when to take compensation from estate assets, an estate trustee can either look to the will, if any, or seek to have the accounting record of […]