May 14th, 2015
This is one of the questions I am most frequently asked at my law office in the Kanata-Stittsville area of Ottawa. Generally, the individual has been named as executor in the Will of the deceased but does not yet have access to the deceased’s bank account.
The first thing I remind the executor (‘estate trustee’) is that if they were acting as the deceased’s Power of Attorney for Property, their authority as Attorney ended on death. So, the Power of Attorney for Property cannot be used to pay the deceased’s bills.
It may be possible to have the deceased’s bills paid in a couple of other ways: Read the rest of this entry »
May 7th, 2015
Budget 2015 included an exciting extension for individuals with a disability and their families with respect to registered disability support plans (RDSPs). Budget 2012 had previously introduced a temporary measure to help those with a disability open an RDSP if the person with a disability did not have the ability to enter into a contract and did not have a legal representative such as a guardian or Power of Attorney for Property. In such cases, certain qualifying family members, including a parent or a spouse, can become the RDSP holder. This temporary measure was originally put into place until December 31, 2016. However, this deadline has been extended to December 31, 2018. Read the rest of this entry »
April 30th, 2015
If you have asked this question, don’t worry, you are not alone. At my law office in the Kanata-Stittsville area of Ottawa, we often get asked this question. Most of our estate planning clients and the executors or estate trustees we work with have not heard the term “issue per stirpes” before. It likely goes without saying that the language of legal documents is unfamiliar to most people and can be difficult to understand.
“Per stirpes” is a latin term meaning “by roots” or “by branch”. “Issue” refers to everyone down the family tree starting from a particular person. So my “issue” would include my children, my grandchildren, my great-grandchildren and so on. It would not include my parents, siblings, nieces or nephews. Read the rest of this entry »
April 23rd, 2015
For many reasons, the answer could still be ‘yes’ despite the Canadian government’s decision to tax almost all testamentary trusts at a higher rate.
What is a testamentary trust?
A testamentary trust is one that arises as a result of a death. A testamentary trust, including a Henson trust, can be included in a will or in a separate document. Read the rest of this entry »
April 16th, 2015
At my law office in the Kanata-Stittsville area of Ottawa, some of the individuals that I meet are acting as the trustee of a Henson trust. If I were asked what are the top three tips you share with trustees to make the job go as smoothly as possible, here are my answers: Read the rest of this entry »
April 2nd, 2015
At my law office in the Kanata-Stittsville area of Ottawa, we focus on the areas of wills, estates and trusts. Because of this, I have the opportunity to meet with a lot of executors. Here are a few of the questions I often get asked by executors: Read the rest of this entry »
March 26th, 2015
You may be surprised to learn that the answer is ‘not always’. This is especially the case when the joint owners of a bank or investment account are a parent and an adult child.
At my law office in the Kanata-Stittsville area of Ottawa, I met with Sharon. Her widowed mother had recently passed away after a brief illness. Her mother’s Will divided the estate equally between Sharon and her brother, Bill.
Unfortunately, a point of contention had arisen between the siblings. At issue were two bank accounts held jointly by Sharon and her mother. Bill was adamant that these two bank accounts should be treated as part of their mother’s estate. Sharon, on the other hand, claimed that because the bank accounts were held jointly, they automatically belonged to Sharon after their mother’s death. Read the rest of this entry »
March 12th, 2015
Life insurance can sometimes be a large part of an estate. Quite understandably, the estate planning clients that I meet with at my law office in the Kanata-Stittsville area of Ottawa as well as the executors (also called estate trustees) have a lot of questions about life insurance. Here are a few of those questions: Read the rest of this entry »
March 5th, 2015
The New Year brought with it some significant changes that will affect the duties of many executors. Our estate clients at my law office in the Kanata-Stittsville area of Ottawa have had a lot of questions including the following: Read the rest of this entry »
February 26th, 2015
I recently met with Gerta (not her real name) at my law office in the Kanata-Stittsville area of Ottawa to discuss her estate planning. Gerta was widowed and had two children, a son that lived in Poland and a daughter living in Ottawa. Gerta told me that she wished to appoint her son as executor of her Will as she felt he was more suited to the job than her daughter.
I explained to Gerta that although she could name her son as executor (also called an ‘estate trustee’), it could result in considerably more cost and delay for her estate. Read the rest of this entry »