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When we consider undertaking the estate planning process, the preparation of a Will to direct and manage the transfer of assets between a person and their beneficiaries is often the primary focus. What is not always considered by many is the role proper estate planning plays in the preservation of
When updating your estate plan, it’s important to consider who will be the key decision-makers on death and on incapacity. Understanding these roles can help you prepare better for your future and make informed decisions about your property and personal care. This blog highlights the responsibilities of fiduciaries in the
Commencing with the introduction of registered retirement savings plans (“RRSPs”) in 1957, registered plans have generally become an integral part of the estate planning process. Although registered plans play an important role in both the financial and estate planning of many Canadians, the tax treatment of such plans can vary
On March 14, 1957, the Honourable Walter Harris, Minister of Finance under the Liberal government of Louis St. Laurent, delivered a landmark budget speech to Canada’s House of Commons. Despite John Diefenbaker’s rise to power on June 10, 1957, mere months later, the groundwork was laid for the implementation of
Many of us feel overwhelmed when it comes to keeping our financial affairs up-to-date and in order. Whether it is technological challenges, including accessing the information we need through a portal when it used to come automatically through snail mail, new legislation and increasing tax compliance or keeping our estate
“When Should You Have a Local or Separate Situs Will or Power of Attorney?” Many of our readers, especially business owners, may be familiar with the concept of having multiple wills in the same jurisdiction, where each will governs different classes of assets—usually used to avoid paying estate administration tax
Spence v BMO Trust Company, 2016 ONCA 196, is a topical case which has featured in our blog as recently as January 2023. This case serves as a reminder that testamentary freedom – a will-maker’s right to dispose of his or her property as he or she sees fit – is
When it comes to estate planning and administration for the modern family, embracing change is an imperative. No longer will traditional approaches set in the past based on simpler family structures meet changing client needs—and more so going forward as families continue to become even more complex. Join this webinar
The welcoming of a new child into the family is a great time for parents to update their estate plan to include their bundle of joy. But what about a new grandparent? The question always arises: should I leave anything for my grandchildren? The short answer is that you don’t
Effective January 1, 2022, the Succession Law Reform Act (SLRA) was amended to include section 21.1, permitting Court-ordered validity of an otherwise deficient Will. The language of subsection 21.1(1) reads as follows: “If the Superior Court of Justice is satisfied that a document or writing that was not properly executed
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