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Toronto Ontario Estate Law Blog
Whom To Inform About Your Estate Plan
You’ve gone through the process of executing your Will(s), Continuing Power of Attorney for Property and Power of Attorney for Personal Care… now what? This blog looks at some of the considerations after you have signed your key estate planning documents. Storage One of the key considerations is where to
Wealth and Income Inequality: The Challenges Ahead
It is difficult to pick up a magazine or newspaper these days without reading an article or two which touches on the topic of wealth and income inequality and the growing concern on how best to address it. The pandemic, raging inflation and enormous government deficits have only put more
A Letter of Wishes: When Your Trustee Is Also a Genie
In the world of estate planning, a genie is not the only one who could potentially grant you a wish: your trustee may also be able to do this with the help of a letter of wishes. A letter of wishes is a non-binding document that sets out suggestions to
Estate Planning for a Second Spouse: Are You on the Road to Success?
It is trite, but perhaps worth repeating that for many people, one of their primary estate planning goals is to take care of their spouse after their death. This is particularly the case if most of the couple’s assets are held by one spouse or where the spouses are in
Beware of tax consequences for your TFSA, RRSP accounts if you become a non-resident
Many individuals take advantage of registered savings plans in Canada. The most commonly known plans are Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs). There are certain rules and restrictions to be aware of for Canadians who have such plans and become non-residents for tax purposes. In a
Solving the Multijurisdictional Jigsaw Puzzle: Which Law Applies?
Increasingly, people and their assets have connections to several jurisdictions, rather than just one as in times past. Over the course of a lifetime, many of us will leave a trail behind us of real estate, bank accounts, investment accounts, retirement savings plans and pensions, as well as beneficiaries and
Think of Your Executor when Planning with Joint Assets
Jointly held assets are a popular estate planning tool because of how simple they appear. Adding a child on title to the house seems like a quick way to avoid paying probate taxes, or adding them as a joint owner on a bank account could be a convenient way to
Navigating an Estate Administration: Key Concerns and Deadlines
Overused quote alert! “Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.” The above statement by Benjamin Franklin in a letter to Jean-Baptiste LeRoy in 1789 is often abbreviated, but the
Guidelines for Your Attorneys for Personal Care: Why They Are So Important
Many of you have a power of attorney for personal care if you live in Ontario, or a similar document if you reside in another jurisdiction. Its purpose is to appoint one or more persons to make personal care decisions on your behalf when you no longer have the capacity
Beneficiary Designations Uncertainty: Where Are We Now?
It is a well-established principle from the Supreme Court of Canada’s 2007 decision, Pecore v Pecore, that there is a presumption of a resulting trust where a gratuitous transfer of property is found. The primary example is when an asset is put into joint names by a parent with an
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