What do you give up when you do not have a Will?
A poll executed by CTV News in 2018 reveals that 51% of Canadians do not have a will1. Not having a will means being satisfied the distribution of your assets in accordance with the existing intestate law, and not in accordance with your wishes. Here are the things you give up by not having a […]
Multiple Wills – why use them?
state administration tax is paid on the value of every estate, at the time a Certificate of Appointment (also known as probate) is issued by the court. The value of the estate is calculated as the sum of all assets owned by the deceased at their date of death, excluding certain assets held in joint […]
Joint bank accounts between parents and adult children – how are they treated by courts on the death of the parent?
My clients are surprised to find out that where a parent and an adult child own a joint bank account, the contents of the account do not automatically pass to the adult child upon the death of the parent. This is because the courts view this transfer of wealth as a “gratuitous transfer” of money […]
What happens to real estate you hold in joint tenancy when you pass away?
The usual structure of a property held in joint tenancy is that the owners have a right of survivorship upon the death of one of them. A lot of people think that if they choose to have their home owned in joint tenancy with another person, the property by-basses their will and therefore, the estate […]
What happens to real estate held only in your name when you pass away?
Whenever clients ask me about this topic, the fast and short answer I always give is that it depends. But one universal truth applies for everybody: the more taxes your estate will have to pay, the less money will be available to your beneficiaries on your passing. The Income Tax Act (“ITA”) stipulates that death triggers […]