Archive for the ‘Estate Planning’ Category
Monday, December 12th, 2011
Picking up from last week’s blog where I took a look at some things you should consider before traveling to the US this winter, let’s take a brief look at issues relating to US property ownership and US citizens living in Canada.
Owning US Real Property
Given the price of US real estate and our strong dollar, many Canadians are buying or thinking about buying a US vacation property. If you own or are planning to purchase US real property, you should know whether your Canadian will and POA’s are considered valid in the jurisdiction where your property is (or will be) located. If anything should happen to you, will your executor or attorney for property be able to deal with your US real property? (more…)
Posted in Estate Planning, Foreign property, Foreign recreational property, US Issues, Wills in Foregin Jurisdiction | No Comments »
Monday, December 5th, 2011
In honour of the recent US holiday weekend, I thought I would focus on some estate planning topics south of the border for the next couple of blogs. Are you or someone you know:
- travelling to the US,
- buying or thinking of buying US real property,
- living in Canada but are a US citizen.
For all of these situations, there are estate planning considerations of particular importance to ensure that your legal obligations are met. (more…)
Posted in Estate Planning, Power of Attorney for Personal Care, Power of Attorney for Property, US Issues | Comments Off
Saturday, October 15th, 2011
If you hold an asset jointly with an adult son or daughter, such as a bank account or a cottage, you may be surprised to learn what will happen to the asset after you die. Like many parents, you might assume that the asset passes directly to your surviving child and that he or she can do whatever he or she likes with the asset. However, unless you have made your intentions clear, the law will presume that your child is holding the asset in trust for your estate. In other words, the law does not presume that the asset belongs to your child. (more…)
Posted in Cottages and Estate Planning, Estate Planning, Joint Assets | Comments Off
Saturday, October 1st, 2011
Question: Can a parent exclude or ‘cut’ a child out of his or her Will?
Answer: Generally, in Ontario, a person who is mentally capable of making a will is free to leave his or her estate to whomever they wish. A parent could exclude a child from his or her will; however, if the parent had a legal obligation to support the child at the time the parent died, the parent’s estate could be subject to a claim to continue that support. If a child is not named as a beneficiary of a parent’s estate and if the child believes they are entitled to support, an application could be made to court asking for support from the estate. Whether or not the application would succeed would depend upon many factors and the result could not be guaranteed.
A child who has been excluded as a beneficiary could challenge the will in court if there is evidence that the parent was influenced by someone to leave the child out or if the parent lacked testamentary capacity at the time of signing the will.
Posted in Estate Planning | Comments Off
Wednesday, September 7th, 2011
Although some of us may be desperately trying to hold on to summer, fall is undoubtedly in the air. For some reason, fall always seems like the right time to get things in order, maybe even more so than the beginning of a new year. One thing you will want to ensure you have in order is your Power of Attorney for Property (“POA PPY”). If you become incapable or unable to take care of your financial affairs and do not have a valid POA PPY, you may create a very difficult situation for your loved ones. Everyone, regardless of the amount or kind of assets they have, should have a POA PPY. Don’t be confused by the use of the word ‘attorney’ – in Ontario, ‘attorney’ means ‘substitute decision-maker’ and not a lawyer like it does in the U.S. (more…)
Posted in Estate Planning, Power of Attorney for Property | 1 Comment »
Wednesday, June 1st, 2011
An estate plan needs to be tailored to the specific circumstances of the individual for whom it is created. There is definitely no ‘one size fits all’ in the world of estate planning! Some of the most complicated situations are those involving second marriages (or common law relationships), particularly where each partner has children from previous relationships and assets in his or her own name as well as assets owned jointly by the two of them.
We find that spouses often want an estate plan that considers the financial needs of the surviving spouse as well as ensuring his or her own children benefit. For example, (more…)
Posted in Avoiding Probate, Estate Planning, Joint Assets | Comments Off
Friday, May 20th, 2011
Perhaps influenced by ‘reading of the Will’ scenes in movies, clients often come to us with the idea that they will give away their estates asset by asset; for example, the house to their son, the cottage to their daughter, a bank account to a cousin, the car to a friend — you get the idea. There are exceptions, of course, but generally it is not a good idea to (more…)
Posted in Avoiding Probate, Estate Planning | 1 Comment »
Wednesday, March 9th, 2011
Clients often ask what can be done if their son or daughter with a disability expects to inherit from an older family member. For example, a grandparent wants to provide a token gift to all of the grandchildren or an aunt who has no children of her own decides to leave her entire estate to a niece with a disability.
If the child is receiving Ontario Disability Pension Plan (ODSP) benefits, having an inheritance left to the child could result in the loss of ODSP benefits. Unless the inheritance is so large that the child could manage without ODSP, consideration should be given to the options listed below (more…)
Posted in Estate Planning, Person with a Disability, Registered Disability Savings Plans, Trusts | Comments Off
Friday, December 17th, 2010
I will pick up where I left off in my last blog and continue discussing the importance and advantages of proper estate planning.
Proper estate planning also allows you to plan appropriately for children under the age of 18, such as appointing guardians and deciding who should look after their assets. To ensure your young children do not receive their inheritance at age 18, you could include trusts so that a child’s share can be held to a later age when the child is more financially responsible. Similarly, you can make special provisions for beneficiaries with disabilities such as including special trusts which takes into account government benefits ensuring these are not lost.
Estate planning also allows you to: (more…)
Posted in Estate Planning | Comments Off
Sunday, November 28th, 2010
Invariably, when people hear that I work in wills and estates, the immediate response is, “Oh, I really should get my Will done!” Sound familiar? Adults often become blasé or unwilling, for a variety of reasons, to ensure that they have up-to-date wills and powers of attorney. In this and my next blog, I hope to motivate and encourage you to ensure you’ve done your estate planning and have these documents in place.
Having these important documents in place is really about making it easier for those we love. Naturally, most of us would never intentionally cause undue stress for our families. (more…)
Posted in Estate Planning, Intestacy, Minor Children, Power of Attorney for Personal Care, Power of Attorney for Property | Comments Off
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