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Archive for September, 2009If something happens to you, will anyone have the passwords for your computer, email, online accounts and other essential information?Tuesday, September 15th, 2009In our experience with wills and estates, we know that most people don’t consider this question but should. When we assist an executor or personal representative, we frequently find that no one knows the computer and other passwords that would allow access to important information.  If a person becomes mentally incapable and has not signed a power of attorney for property, how can the person’s bills be paid?Sunday, September 13th, 2009If the person’s bank will co-operate, it may be possible to have the bills paid directly from the person’s bank account by a bank draft which is payable to the creditor. Take the person’s bills to the bank, explain the situation, and ask if the person’s bills can be paid by having the bank issue a bank draft. (more…) How Can I Avoid Probate? — Part FiveTuesday, September 8th, 2009
If you have been following my blogs on this topic, you will, by now, be wondering if it should have been titled ‘How Not to Avoid Probating a Will’. Admittedly, that might be a better title. Although I rarely recommend that a parent try to avoid probate between generations because of the many problems that I have outlined in previous blogs, there may be situations where it is a good idea. (more…) How Can I Avoid Probate? — Part FourThursday, September 3rd, 2009
We find that a parent will add a son or daughter as a joint owner of the parent’s bank account or other asset to avoid probate fees or to ensure the son or daughter has ready access to funds if the parent falls ill or dies. If the parent’s intention was that the son or daughter actually own the asset upon the parent’s death, it is essential that the parent make that intention clear either in his or her Will or in some other form preferably in writing. Some clear evidence of intention is important as the Supreme Court of Canada has ruled that bank accounts held jointly between a parent and child are generally considered part of the parent’s estate assuming that the child did not contribute to the asset. There are exceptions to this rule, however, such as where the joint owner is a minor child (under the age of 18) or an incapable child. Although the estate assets held jointly with an adult, capable child are considered part of the parent’s estate, without the co-operation of the joint-owner child, other children of the deceased parent may have to take their sibling to court to recover a share of the bank account if the joint-owner child does not co-operate. (more…) |