What is title insurance and why is it important?
There have been many reports in the media recently about title fraud, mainly where someone steals someone else’s title to the home by impersonating them, then sells or refinances the home, takes the money and runs away. One of the ways that homeowner can cover this risk is through title insurance. Title insurance is different […]
What Happens to Real Estate Property at Death
Whenever clients ask me what happens to their real estate property when they pass away owning property in Ontario, the fast and short answer I always give is that it depends – and the type of ownership is one of the first things we address. Sole Ownership Sole ownership means that a person owns title […]
Why would you want to have an estate plan?
People’s lives are unique and complex. Your relationships might result in legal obligations you may not be aware of, and that is why there is no substitute for a good plan. Clients often ask me… why do you do the “estate plan” portion of the work? Can’t you cut that out and skip to making my […]
Inheritance Laws in Ontario
If you are wondering about Ontario’s inheritance laws, it is because someone you know passed away without a will or you are worried about your own situation. However, before you conclude that someone passed away intestate, make sure they really had no will. A thorough search is necessary, and here are some ideas: in the […]
No Will… no problem?
When a loved one passes away, it is a difficult time for everybody, but it is especially difficult for those who were appointed estate trustee and who, at the same time as mourning, have to handle the affairs of the estate, pay urgent bills, deal with beneficiaries, try to find the original will, etc. The […]
Administration of Estates in Ontario
When a loved one passes away, it is a difficult time for everybody, but it is especially difficult for those who were appointed executor and who, at the same time as mourning, have to handle the affairs of the estate, pay urgent bills, deal with beneficiaries, try to find the original will, etc. The closest […]
Common errors in the execution of estate planning documents
I was recently approached by a business acquaintance who asked me what can be done in the case of a lady who had lost her capacity and who had executed a Power of Attorney for Property (“POA”) while she had capacity. He explained that the client had used a will-making kit, that the POA had […]
Thinking about appointing a foreign executor in your will? Think again.
There are many implications of appointing a foreign executor in your will. Here are a few to consider: – A foreign executor poses difficulties to the administration of the estate because sometimes a bond will be required to be posted as security by the foreign executor, which will add to the costs of administration. A […]
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 […]