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 […]
Investing Estate Assets
Provincial legislation governing trustee course of conduct stipulates that a trustee may invest trust property in any form of property in which a prudent investor might invest. It also outlines the criteria that a trustee must follow in planning the investment of trust property which includes but is not limited to the following: 1. General […]
Who Can Be A Party In Estates Court?
From time to time I am asked the question whether an individual, given their relationship to an estate, has standing to start or participate in a court proceeding to resolve an issue with respect to the estate. In particular, a potential beneficiary may not know whether there is a will or whether any gift has […]
Estate Valuation Mistakes Are Costly!
Among the many duties of an estate trustee is the task of ascertaining what assets form the estate and the value to be attributed to them. This process is critical to determine estate administration tax that may be applicable, whether there is enough value to satisfy any debts and administration expenses of the estate and […]
A Warning to Uninformed Beneficiaries
An estate trustee has a duty to keep accurate accounts of their management of an estate. On occasion, an estate trustee or other interested party may seek formal approval of an accounting, called a passing of accounts, by “passing” them through the courts. Although there are several stages of an estate administration at which a […]
Presumption of Death
Yesterday, the Toronto Star reported that Judy Samson’s 38-year search for her brother, Alexander “Sandy” Gammie had finally ended. For 38 years, Ms. Samson had never stopped looking, reportedly even asking the police in Hawaii while she was on vacation whether he had returned to the state. She reported him missing to the RCMP in […]