Archive for the ‘Estate Administration’ Category
Sunday, January 24th, 2010
During the estate planning process, many important decisions must be made. Although most people focus on who will get their estate, another important decision is who to appoint as executor (also referred to in Ontario as an ‘estate trustee’). Both a primary (your first choice) and one or more alternate executors should be named in case the first choice is unable to do the job. A recent and interesting article by Susan Hughes, entitled “No executor required” published in the November/December 2009 issue of the Canadian Lawyer, shows just how important this choice can be.
Hughes reviews a recent Ontario case, Evans v. Gondor, in which a most interesting situation arose. At their request, the court removed the executors who had been named in the deceased’s Will. The executors, the deceased’s sister and brother-in-law, no longer wished to act and there was no replacement named. This left the estate without an executor. (more…)
Posted in Estate Administration, Estate Planning, Executor | No Comments »
Thursday, January 14th, 2010
If the deceased named a beneficiary on a life insurance policy on the deceased’s life, the surviving beneficiary receives the proceeds directly. The insurance proceeds are not included in the value of the estate for purposes of calculating probate fees. However, if the beneficiary has predeceased and no contingent beneficiary has been named, the insurance proceeds are payable to the estate and are included in the value of the estate for probate purposes. (more…)
Posted in Avoiding Probate, Calculating Probate Fees, Estate Administration, Estate Planning, Probate, Trusts | No Comments »
Thursday, January 7th, 2010
If there is no trust in the Will, an executor may wish to pay the child’s inheritance into Court. By doing so, the executor is discharged from further responsibility to the extent of the amount paid into Court. The executor does not need to monitor the Court’s handling of the money, how it is invested, or keep any further records.
When a minor child is left an inheritance, the Office of the Children’s Lawyer (OCL) may become involved. An office within the Ministry of the Attorney General for Ontario, the OCL’s mandate is to represent personal and property rights of minors and unborn children, including estate and trust matters.
Parents may also be surprised to learn that when a child reaches the age of 18, he or she can demand that the inheritance be handed over to him or her if the inheritance is not being held in a trust. The child can also demand a full accounting of all transactions affecting the inheritance unless previously approved by the Court.
A parent (or other person leaving a gift to a child) who wishes to defer payment of the child’s inheritance beyond the age of 18 can include a trust in his or her Will. In a trust, the parent can specify that partial payments of the inheritance are to be made at various ages with income (what the trust assets earn) being paid out regularly.
Posted in Custodians of Children, Estate Administration, Estate Planning, Guardians of Children, Minor Children, Young Children | No Comments »
Tuesday, November 24th, 2009
If you are the parent of a child under 18 (referred to as a ‘minor’), you may wonder what happens if your child inherits. There are a number of ways that a child may inherit:
- the child could be named as a beneficiary in a Will;
- the child could inherit from a relative who dies without a Will (referred to as ‘dying intestate’) if the child is one of the legal beneficiaries under the intestacy laws of Ontario; or,
- the child could be named as a beneficiary of a life insurance policy or any other asset where a beneficiary can be named, such as a segregated fund, an RRSP/RRIF, or death benefit. (more…)
Posted in Estate Administration, Estate Planning, Guardians of Children, Minor Children, Uncategorized, Young Children | No Comments »
Friday, October 9th, 2009
If you own a vacation or investment property outside Canada, review with your lawyer how best to ensure that costs and complications to your estate are minimized. Although many jurisdictions will recognize a Will drafted and signed in Canada, some will not. Even if the Will is recognized, the legal system of another jurisdiction may differ from Canada’s and could result in an unexpected distribution. (more…)
Posted in Estate Administration, Estate Planning, Foreign property, Foreign recreational property, Wills in Foreign Jurisdiction | 1 Comment »
Tuesday, September 15th, 2009
In 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.
(more…)
Posted in Attorneys Acting under a Power of Attorney, Computer and Other Passwords, Estate Administration, Paying Bills for Incapable Person | No Comments »
Tuesday, 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…)
Posted in Avoiding Probate, Estate Administration, Estate Planning, Uncategorized | No Comments »
Wednesday, August 26th, 2009
Previous blogs explained what ‘probate’ is, how the estate administration tax (popularly called “probate fees”) are calculated and how spouses might be able to arrange their affairs to avoid probate on the death of the first to die. (more…)
Posted in Estate Administration, Estate Planning | No Comments »
Sunday, August 23rd, 2009
Understandably, many of our clients wish to avoid probate. To explore how this might be done, if at all possible, it is essential to review the ownership of all assets, beneficiary designations, family relationships, tax implications as well as relationships among family members and the goals of the client. Only then can we recommend what steps should or should not be taken to avoid probate. Avoiding probate is usually possible when one spouse dies leaving a surviving spouse. For example, probate is not generally required if the spouses own assets jointly or where an asset, such as life insurance, is payable to the surviving spouse by way of a beneficiary designation. (more…)
Posted in Avoiding Probate, Estate Administration, Estate Planning | No Comments »
Thursday, August 13th, 2009
In this five-part blog, I will discuss what probate is and how probate fees are calculated, which assets are subject to probate and which are not, when it makes sense to avoid probate and how to accomplish that, and when avoiding probate may not be the best strategy and why. (more…)
Posted in Avoiding Probate, Estate Administration | No Comments »
|
|
