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Donna Neff's Law BlogQ and A re: Naming Professional Advisors in a WillJune 1st, 2010Question: Would a provision in your Will directing your executor (also referred to as ‘estate trustee’) to use a specific lawyer or other professional advisor be binding? Answer: In short, probably not. It is likely that such a provision would not be legally binding upon your executor. Read the rest of this entry »  Power of Attorney for Personal Care: The BasicsMay 23rd, 2010Last week, I discussed the basics of a Power of Attorney for Property. This week I will focus on a related, and equally important, document, a Power of Attorney for Personal Care (POA PC). A POA PC allows the person(s) you have named to make medical treatment and personal care decisions for you but only if you are mentally incapable of making the decision yourself. There are different tests for mental capacity depending upon the decisions that must be made: Read the rest of this entry » Power of Attorney for Property: The BasicsMay 16th, 2010Ensuring you have a valid, up-to-date Power of Attorney for Property (POA PPY) is an important part of your estate planning. In a POA PPY, you, the ‘grantor’, name someone as your ‘Attorney’ or ‘substitute decision-maker’ who will make decisions for you if you are unable to do so. You can name one or more people or a trust company to act on your behalf. With the document in hand, they can deal with your property and financial affairs. Read the rest of this entry » Proof of Death versus Death Certificate? What’s the Difference and Who Can Get One?May 5th, 2010Do you need a document to prove that someone is deceased? For many purposes, a simple Proof of Death or Funeral Director’s Proof of Death may be enough. These are issued to the person arranging the funeral or to the deceased’s Executor, usually at the time of the funeral. However, in some circumstances a government-issued Death Certificate may be required. Read the rest of this entry » Q: I have opened a Tax Free Savings Account (TFSA). Do I need to update my Will?April 26th, 2010A: There is generally no need to update a Will just because you have opened a TFSA account. All assets including a TFSA that you own solely and which are not designated to a beneficiary become part of your estate on death. You can only name a beneficiary for assets such as life insurance, RRSPs, RRIFs, segregated funds and TFSAs. If you name a beneficiary for your TFSA, it will pass directly to that person, if he or she is alive, on your death and will not be subject to probate fees. Who Will Care for a Child If Parents are Gone (Part 2)April 19th, 2010If parents are separated or divorced, a custodial appointment in a parent’s Will is only effective if that parent was entitled to custody of the child at the time of the parent’s death. It is essential that both parents, especially those who are married or who have joint custody due to separation or divorce, reach a consensus as to who should be appointed custodian. If parents name different custodians in their Wills and then the parents die in a common accident in circumstances that make it impossible to determine who died last, neither of the custodians named will have custody. 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. Read the rest of this entry » Who Will Care for a Child If Parents are Gone (Part 1)April 8th, 2010Although 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 over the next few weeks will help you make an informed decision and will encourage you to put that decision in writing. Although the term guardian is commonly used to mean a person having custody of a child, the correct legal term is ‘custodian’. Read the rest of this entry » Separation and Insurance: A Cautionary TaleMarch 26th, 2010Think your separation agreement ensures your ex won’t get your insurance payout? Think again. While married, Jack named his wife, Sharon, as the beneficiary of his life insurance policy. Some years later the couple separate. They negotiate and sign a separation agreement which states that neither of them will have any claim against the other’s estate. Jack does not change the beneficiary on his life insurance policy thinking it has been dealt with by the separation agreement. Jack dies. The insurance company pays the insurance payout to the named beneficiary, Sharon. Read the rest of this entry » Protecting My Child’s Inheritance – Understanding How Trusts Can Help (Part 3)March 19th, 2010Adult Children Parents wishing to give their adult child tax advantages that the child could not otherwise enjoy should consider including a trust in their Wills. A testamentary trust is treated as a separate taxpayer and the income earned by the trust is taxed at graduated rates (the more the trust earns, the more it is taxed up to a certain limit). Read the rest of this entry » Protecting My Child’s Inheritance – Understanding How Trusts Can Help (Part 2)March 12th, 2010Children Under the Age of 18 (Minors) A parent (or other person leaving a gift to a child) who wants to delay payment of the inheritance beyond the age of 18 must include a trust in his or her Will. Otherwise, the inheritance will be handed over to the child at age 18. If a trust holds the child’s inheritance, a parent can specify how much the child receives and when. Read the rest of this entry » |
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