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 […]
When you should amend your Will?
A fifth of Canadians over the age of 65 have a Will but it is out of date. What most people might find surprising is that some major life events will affect the appointments made in the will, and even the validity of their will. Here are some im A fifth of Canadians over the […]