A family cottage is one of the most difficult assets to deal with when estate planning. There are various planning strategies to consider when it comes to passing a beloved cottage to the next generation. There are…
Studies indicate that approximately 80% of all New Year’s resolutions ultimately fail. Despite this, many of us continue to set lofty goals for ourselves and the brand new year before us. Various reasons are offered for our…
It was Benjamin Franklin who once said that nothing in this world can be certain except death and taxes. When estate planning, we need to pay specific attention to what occurs when these two certainties collide.
As we blogged earlier this week, November is ‘Make a Will’ month. We thought we would share some fun Will facts to end the work week (and hopefully inspire our readers to contemplate their own Wills): The oldest…
Acting as an executor (estate trustee) can be a daunting and challenging task in the best of times. The requirement for an administrative or estate bond can add another layer of complexity to an already complicated situation.
An administrative or estate bond may be required in various situations. For example, an executor (estate trustee) or individual applying for a Certificate of Appointment of Estate Trustee (probate) may be required to post a bond where, for example, the deceased did not leave a Will, the executor named in the Will is not a resident of Ontario or the individual applying to the Court was not named in the Will as an executor.
The COVID-19 pandemic will leave significant damage to many sectors of the Canadian economy in its wake. One sector that appears to be not only escaping this damage but thriving during the pandemic, however, is the cottage real estate market. Cottage sales have actually surged in recent months. Many speculate that this has much to do with the COVID-19 pandemic itself. An increased number of people are now able, and sometimes encouraged, to work remotely which makes extended stays at the cottage that much easier. Also, lengthy periods of quarantine in urban centres have sparked a desire in many for an increased connection with more rural landscapes.
We have blogged on issues relating to cottage ownership several times in the past and thought it would be helpful to those considering the purchase of a cottage during COVID-19 to have the links to many of these blogs in one place.
As we are well into the coldest month in Canada, many Canadians seek refuge in warmer climates. For many, a brief escape from the cold and snow is enough. Others might be considering more long-term options. This may include whether to acquire ownership rights over a favorite vacation property.
If you are entertaining such a purchase, careful estate planning is important.
Beware of hidden legal nuances
It is important to be aware of the fact that, on death, real property is dealt with pursuant to the laws of the jurisdiction in which the property is located. What if your dream holiday home is located in a jurisdiction whose statutes dictate the so called “forced heirship rules”?
The Government of Canada has invited all Canadians to share their thoughts on medical assistance in dying (“MAID”) by completing a brief Questionnaire. You have until January 27, 2020 11:59 PM (PST) to complete the questionnaire and…
Ontario has some of the highest probate fees in Canada. A small reduction was announced in last year’s budget and took effect on January 1, 2020.
What is probate?
Where a person dies leaving a Will, the Executor (now called an ‘Estate Trustee’) obtains their authority to act on behalf of the deceased from the Will. Depending upon the assets owned by the deceased, it is sometimes necessary to ‘probate’ the Will.
We’ve heard it said that acting as an executor is one of the hardest jobs that you never applied for. It is also one for which most don’t receive any training.
If you are like most people, you have likely appointed a family member or close friend to act as your executor. This person may have little to no knowledge as to what acting as an executor actually entails. They may be wholly unprepared for the enormity of the role. There are, however, steps that you can take to make the job of acting as your executor a little easier.
Step 1: Let your executor know where your original Will and other important documents are stored.
Your executor derives their authority to act from your Will and will need to have access to your original Will upon your death. Be sure to advise him or her as to where your original last Will is stored. This might be at your lawyer’s office, home safe, or safe deposit box. Access to a safe deposit box can be restricted upon your death so be sure to discuss this with your bank. Also leave instructions for your executor as to the location of all personal papers including passports, birth certificates, marriage certificates, etc.