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 […]
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 […]
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 […]