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. Read the rest of this entry »
Posted in Estate Administration, Estate Planning, Guardians of Children, Minor Children, Uncategorized, Young Children | No Comments »
October 28th, 2009
Question
A few years ago while living in British Columbia, my mother signed a Power of Attorney in which she named me to look after her financial affairs if she could not do so. She recently moved to Ontario and then had a stroke. She is now mentally incapable. Her doctor says it is unlikely that she will recover her mental capacity. My mother’s care costs have gone up and her funds are running low. I need to cash in some of her investments to pay for her care but my mother’s bank refuses to recognize the Power of Attorney document that my mother signed in British Columbia. They say that since it was signed outside of Ontario, they do not consider it valid. What do I do?
Answer
If your mother was living in British Columbia at the time that she signed the Power of Attorney and if the signing of that document was carried out in a way that fully complied with the laws of British Columbia, it should be valid in Ontario as set out in section 85(1) of Ontario’ s Substitute Decisions Act. Read the rest of this entry »
Posted in Attorneys Acting under a Power of Attorney, Foreign property, Guardianship for an Adult, Paying Bills for Incapable Person | No Comments »
October 23rd, 2009
Part 2 of 2
Many parents, whether biological or adoptive, are surprised to learn that they do not have the right to name a permanent custodian of minor children. Ontario law gives the court a supervisory role over all custodian appointments and such appointments are based upon what the court considers to be the best interests of the child. Read the rest of this entry »
Posted in Custodians of Children, Estate Planning, Guardians of Children, Minor Children, Young Children | No Comments »
October 18th, 2009
This is Part 1 of a 2-part blog
Although not a subject many parents like to think about, parents of a minor child (under the age of 18) should consider who will look after their child if both parents die. This is a decision often debated and agonized over but, all too often, ignored. Hopefully, the information provided in this 2-part blog will help you make an informed decision and will encourage you to put that decision in writing. Read the rest of this entry »
Posted in Custodians of Children, Estate Planning, Guardians of Children, Minor Children, Wills in Foreign Jurisdiction, Young Children | No Comments »
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. Read the rest of this entry »
Posted in Estate Administration, Estate Planning, Foreign property, Foreign recreational property, Wills in Foreign Jurisdiction | 1 Comment »
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.
Read the rest of this entry »
Posted in Attorneys Acting under a Power of Attorney, Computer and Other Passwords, Estate Administration, Paying Bills for Incapable Person | No Comments »
September 13th, 2009
If 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. Read the rest of this entry »
Posted in Paying Bills for Incapable Person | No Comments »
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. Read the rest of this entry »
Posted in Avoiding Probate, Estate Administration, Estate Planning, Uncategorized | No Comments »
September 3rd, 2009
We find that a parent will add a son or daughter as a joint owner of the parent’s bank account to avoid probate fees or to ensure the son or daughter has ready access to funds if the parent falls ill or dies. Although the Supreme Court of Canada has ruled that bank accounts held jointly between a parent and child are considered part of the parent’s estate (assuming the child did not contribute funds to the account), other children who were not joint owners may have to take their sibling to court to recover a share of the bank account if the joint-owner child does not agree. Read the rest of this entry »
Posted in Avoiding Probate, Estate Planning | No Comments »
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. Read the rest of this entry »
Posted in Estate Administration, Estate Planning | No Comments »
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