December 11th, 2014
At times, acting as an executor, or more properly an ‘estate trustee’, can be overwhelming. Many of the clients that I meet at my law office in the Kanata-Stittsville area of Ottawa feel that this is especially true in the beginning. In the weeks following the deceased’s death, the work required of an executor is the most labour-intensive. This feeling of being overwhelmed can also be compounded by the fact that the executor may be mourning the loss of a loved one and is probably doing a job that he or she has never done before.
With a seemingly endless number of tasks to be done at the beginning, it is often difficult for an executor to know where to begin. Here is a list of tasks that an executor should make a priority: Read the rest of this entry »
December 4th, 2014
Acting as an executor (also called an ‘estate trustee’) is a big job and comes with a lot of duties and responsibilities. When I meet with executors at my law office in the Kanata-Stittsville area of Ottawa, I stress that one of the most important duties of an executor is to keep detailed records and receipts of all transactions involving the estate. This includes a detailed list of the assets of the deceased and the values of those assets on the date of death.
Good record-keeping is important for a number of reasons: Read the rest of this entry »
November 27th, 2014
As we focus exclusively in the area of wills and estates at our law office in the Kanata-Stittsville area of Ottawa, we meet with a lot of people who have been appointed as executor (formally called an ‘estate trustee’) of a loved one’s estate. Many executors aren’t sure whether they can be paid and, if they can, how much and when. Here are some of the most common questions we are asked by executors about executor compensation. Read the rest of this entry »
November 20th, 2014
Few of us are familiar with how long the administration of an estate can take. People are surprised to learn that it generally takes an executor (more formally known as an “estate trustee”) a year to a year and a half to administer and wind up even a simple estate … longer if the estate is complex or there are assets in other jurisdictions or there are unexpected problems. Read the rest of this entry »
November 13th, 2014
Last week I met with Sue (not her real name) in my law office in the Kanata-Stittsville area of Ottawa. I first worked with Sue when she was acting as executor of her mother’s estate. While living in Alberta, her father had signed a Power of Attorney for Property naming Sue. Following a stroke, he was moved to Ottawa to be closer to family. Sue explained that due to the stroke, he is no longer mentally capable. The financial institution where her father’s investments are held refuses to recognize the Power of Attorney signed in Alberta. They say that since it was signed outside of Ontario, they do not consider it valid. Read the rest of this entry »
November 6th, 2014
I recently met with Ryan at my law office in the Kanata-Stittsville area of Ottawa. His aunt had died suddenly from a heart attack and her Will named him as executor (officially called ‘estate trustee’). Ryan and other nieces and nephews were named as beneficiaries.
Ryan said his friends and colleagues had warned him that being an executor is not easy and can take a lot of time. Although he wanted to honour his aunt’s wish that he act as executor, he worked full time and had two small children at home. He wasn’t sure he had the time or energy to take on the job.
Ryan is not alone. The first thing most executors want to know is exactly what they are getting themselves into. Read the rest of this entry »
October 30th, 2014
I regularly get asked questions like this. Many of my clients who meet with me at my law office in the Kanata-Stittsville area of Ottawa have been given this advice by a well-meaning friend or family member or sometimes another professional. They are often told that holding some or all of their assets jointly with one or more of their adult children will make managing theirs affairs easier for their family and will save probate fees.
I almost always recommend that assets not be held jointly with adult children for a number of reasons. Read the rest of this entry »
October 16th, 2014
Just as our feathered friends are making their annual pilgrimage to sunnier skies, thousands of Canadian snowbirds will soon be heading to Florida, Arizona and other warmer places. Many of the clients we meet at our law office in Stittsville (Ottawa) head to the southern USA to get out of the cold and they are not alone. It has been estimated that over half a million Canadians spend their winters in Florida each year.
Canadian snowbirds need to be aware that changes may be coming that could have serious tax consequences for those wishing to escape our harsh winter. Read the rest of this entry »
October 9th, 2014
Yes, where you live when you die can make a big difference in how your estate is dealt with. You might be surprised to learn that if you are living in Switzerland at your death, forced heirship laws could overrule what your Will says.
I’ve just returned to Ottawa from Zurich, Switzerland, where I attended a conference about international estates. I met other estate professionals from all over Europe, the UK, and as far away as Australia and the USA. We learned a great deal about the differences in the way estates are handled in Europe, the UK and the USA. Read the rest of this entry »
October 2nd, 2014
“I’ve named my little granddaughter as the beneficiary of my life insurance policy but with her dad, my son, as the trustee. He’ll have full control, won’t he?”
I get asked the above question time and time again. The answer, in short, probably not to the extent you think he will. Read the rest of this entry »