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Toronto Ontario Estate Law Blog
Trustee Compensation: Silence is Not Golden
If not carefully planned for, the amount of compensation paid to the executor(s) for administering an estate or to the trustee(s) for administering any ongoing trusts (collectively referred to as the “trustees”) has the potential to become a contentious issue. In the scope of estate planning, compensation must be part
Traps for the Unwary: When Canadians Have Cross-Border Connections
What are some of the trips and traps to be aware of from an estate planning viewpoint if you are a Canadian, but you have assets or other connections south of the border? In this blog, I will give a few concrete examples drawn from my experience of the problems
The Big Problem with Leaving Gifts to Minors
Many of our clients often wish to leave a small gift to the younger people in their lives, for example grandchildren. This gift is normally nothing extravagant, often a small legacy to help the future generation with their education, purchase a car, a down payment towards a home, or maybe
The Mysteries of Probate, Revealed
Of all the questions I am asked about the administration of estates, the one that comes up the most frequently is “what is probate?” If the question is asked by an executor, the next most frequent question is “how do I know if I need probate?” Often clients in their
Three Ways to Keep Your Estate Plan Flexible
Starting a new year is always a good time to ensure that your personal affairs are in order, including your estate plan. Not only is it important to have an up-to-date will and powers of attorney, but it is important to have an estate plan which can, to the extent possible,
An Elegy to 2020
As we wind down this most unprecedented, uncharted, and unreal year in memory, it might be a good time to reflect on some important truths and essentials as 2021 is on our doorstep, but with hope now in sight as the vaccines start to roll out. The COVID-19 pandemic has
An Update on Virtual Witnessing and Electronic Wills
One of the most common questions our clients ask is whether they can sign their Wills and Powers of Attorney with an electronic signature. Our lives are getting busier, our goal of reducing paper waste is more focused, and clients are understandably questioning the historically strict formalities of executing estate
Beneficiary Designations on Separation and Divorce: Your Ex May Take More than the Couch
When major life events occur, it is important to consider your estate planning and what updates and changes must be done. In no circumstances is this more true than when a person gets married, separated or divorced. Each of these life events affects a person’s estate plan in different ways.
5 Misconceptions About Appointing U.S. Persons as Executors
Many people think that they can’t appoint a family member (often their child residing in the U.S.) or friend who is a U.S. resident or citizen as the executor of their estate because it will cause too many complications, or perhaps they may have received advice from a source that
Should Canada Have a Wealth Tax: Lessons Learned
In my prior blog of March 3, 2020, “Inheritance Tax, Wealth Tax and More Capital Gains Tax: The Future of Canadian Taxation”, I raised the issue of whether new forms of tax might be introduced on the Canadian scene, including an inheritance tax or an annual wealth tax. My blog
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