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.
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…
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.
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…
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.
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.
I’m not sure if my dad has the capacity to sign a Power of Attorney for Property?
In a Power of Attorney for Property, the ‘grantor’ (the person signing the document) appoints one or more persons to make decisions on their behalf with respect to their property. In order to have the required mental capacity to sign a Power of Attorney for Property, among other things, the grantor must know what kind of property they have and its approximate value as well as appreciate the authority that they are giving to the Attorney.
“CHRISTMAS IS THE SPIRIT OF GIVING WITHOUT A THOUGHT OF GETTING. IT IS HAPPINESS BECAUSE WE SEE JOY IN PEOPLE. IT IS FORGETTING SELF AND FINDING TIME FOR OTHERS. IT IS DISCARDING THE MEANINGLESS AND STRESSING THE TRUE VALUES.”
– THOMAS S. MONSON
Most are aware that a charitable gift on death has a beneficial impact upon an estate. To understand how this benefit arises, we must first look at what tax liability arises at death.