October 30th, 2014
I regularly get asked questions like this. Many of my clients who meet with me at my law office in the Kanata-Stittsville area of Ottawa have been given this advice by a well-meaning friend or family member or sometimes another professional. They are often told that holding some or all of their assets jointly with one or more of their adult children will make managing theirs affairs easier for their family and will save probate fees.
I almost always recommend that assets not be held jointly with adult children for a number of reasons. Read the rest of this entry »
October 16th, 2014
Just as our feathered friends are making their annual pilgrimage to sunnier skies, thousands of Canadian snowbirds will soon be heading to Florida, Arizona and other warmer places. Many of the clients we meet at our law office in Stittsville (Ottawa) head to the southern USA to get out of the cold and they are not alone. It has been estimated that over half a million Canadians spend their winters in Florida each year.
Canadian snowbirds need to be aware that changes may be coming that could have serious tax consequences for those wishing to escape our harsh winter. Read the rest of this entry »
October 9th, 2014
Yes, where you live when you die can make a big difference in how your estate is dealt with. You might be surprised to learn that if you are living in Switzerland at your death, forced heirship laws could overrule what your Will says.
I’ve just returned to Ottawa from Zurich, Switzerland, where I attended a conference about international estates. I met other estate professionals from all over Europe, the UK, and as far away as Australia and the USA. We learned a great deal about the differences in the way estates are handled in Europe, the UK and the USA. Read the rest of this entry »
October 2nd, 2014
“I’ve named my little granddaughter as the beneficiary of my life insurance policy but with her dad, my son, as the trustee. He’ll have full control, won’t he?”
I get asked the above question time and time again. The answer, in short, probably not to the extent you think he will. Read the rest of this entry »
September 25th, 2014
Can the trustee of my Henson Trust be paid?
You may already know that at our law office in Stittsville (near Ottawa), we specialize in estates and trusts. As a result, we often meet people who are beneficiaries or trustees of a Henson Trust and who want to understand how it works.
A Henson Trust is a special type of trust that holds the money and assets meant for a beneficiary with a disability. A properly-drafted Henson Trust allows the beneficiary to be left an inheritance indirectly without affecting their benefits under the Ontario Disability Support Program (‘ODSP’). If an ODSP beneficiary receives an inheritance directly, ODSP benefits could be reduced or eliminated … not usually what anyone wants unless the inheritance is a very large amount.
The trust is looked after by a trustee … a person or trust company appointed to manage or administer the Henson Trust assets. Sometimes clients want to know if the trustee can get paid and, if so, how much. Read the rest of this entry »
September 19th, 2014
Acting as an executor is a big job. And one that comes with a lot of responsibility. Perhaps not surprisingly then, there is a lot of room for error and mistakes are sometimes made.
As we specialize in estates at our law office in Stittsville (Ottawa), we meet with a lot of executors and have first-hand knowledge of the mistakes that executors often make. Unfortunately, mistakes can be costly, both to the estate and to the executor.
Here are what I consider to be three of the biggest mistakes made by executors: Read the rest of this entry »
September 11th, 2014
How do I know which lawyer is best for me?
As we specialize in estates, from estate planning to getting probate and guardianship orders to administering estates, we see the good, the bad and the ugly of estates work. Mistakes are made, sometimes by the lawyer who drafted the Will, sometimes by the executor or guardian and often these mistakes translate into big losses for the estate.
Not long ago in our law office in Stittsville (Ottawa), we were casually talking amongst ourselves about the biggest mistake that an executor can make. One of our team members jokingly replied ‘hiring the wrong lawyer’. Read the rest of this entry »
September 4th, 2014
How you own your property affects your estate planning.
I get asked this question a lot at my law office in Stittsville (Ottawa). People often assume that because they own their home together with their spouse, the property will simply pass to their spouse upon their death. This may or may not be true.
On the other hand, others believe they can always deal with their share of a property in their Will. This may or may not be true. Read the rest of this entry »
August 28th, 2014
Avoid these mistakes…..Review your estate planning following separation.
Going through a separation is unquestionably difficult. There are often financial difficulties, emotional upheavals, and myriad issues which must be dealt with. Things are even more complicated when children are involved.
Time and time again I speak with people who have made the mistake of not reviewing their estate planning following a separation. In a time of difficulty, it is understandable that things, even important things, may get overlooked. Unfortunately, the consequences of overlooking one’s estate planning following separation can be dreadful. Read the rest of this entry »
August 14th, 2014
What does ‘getting’ probate actually mean?
We all know about probate fees. Those pesky fees that must be paid to the government when we die.
But what does it mean when an executor has to ‘get’ probate. What does this mean exactly? For many, the process of probate is mysterious. This can cause anxiety and frustration for beneficiaries who are anxiously awaiting information and want to know when they will get their inheritance. Read the rest of this entry »