Estate Liquidity
Part of the financial estate planning process is proper planning of liquidity in an estate. Liquid cashable assets can be required in an estate to cover obligations at death, special payments and charitable gifts. It should be noted that we do not have “estate tax” in Canada. The deceased however is considered to have disposed […]
Designating A Plan Beneficiary In Your Will
Ontario legislation enables a testator to appoint a named person to be the beneficiary of a registered retirement savings plan, a registered income fund and other pension(s). It also outlines very specific criteria to effectively revoke a designation made in a will or on the face of a plan document. In Laczova v. House, 2001 […]
Should You Rent or Own?
This is the question! I must admit there is no simple answer and it is not an easy decision. At first glance, it seems to makes so much more sense to build equity instead of help someone else to pay his/her mortgage. This is more true today when rents are pretty high. As a homeowner, […]
When Saying “I Do” Undoes Your Will!
It is always a prudent to review and update your will regularly, say every two or three years. However, there are certain life events which should trigger in a testator’s mind that this exercise should soon be completed. Marriage is one such an event as, with few exceptions, provincial statute provides that marriage has the […]
Ending Right of Survivorship
A key aspect of assets owned by two or more people in joint tenancy is a right of survivorship. This means that when one of the joint owners dies, full ownership transfers to the survivor(s) automatically by operation of law. There are, however, occasions on which it is desirable to have the right of survivorship […]
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 […]
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 […]
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 […]
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 […]