Blog – Kates Estate – Decision of Justice Gans – 18 November 2020 Yesterday Justice Gans released his decision in the Kates Estate. A hard fought case heard over 9 days in September and October. In his usual edifying choice of words Justice Gans, in particular, had the opportunity to put into practice what he …
An estate trustee (also known as an executor) is the person or trust company appointed by you in your Will who upon your death realizes your assets, pays off debts, and distributes your property in accordance with your Will. The estate trustee is chosen when you make your Will, but may be changed as circumstances …
In McNamee v McNamee, the Ontario Court of Appeal outlined the constituent elements of a legally valid intervivos gift (a gift made during one’s lifetime). For there to be a gift, there must be a: Intention to make a gift on the part of the donor, without consideration or expectation of remuneration; Acceptance of the …
Passing of Accounts Estate Trustees are required to keep accurate and up-to-date accounts of the estate or trusts they are administering. Obtaining the court’s approval of these accounts is a process known as “passing of accounts”. The court’s approval is not always required, but in certain circumstances a passing of accounts is necessary. These instances …
An RESP is an investment vehicle that allows parents to save for their children’s future education beyond high school. The plan is essentially a contract between two parties – the subscriber and the promoter. The subscriber contributes to the plan and the promoter makes payments to the named beneficiaries in the form of educational assistance …
Inefficient estate planning can cause family feuds leading to costly and time consuming litigation. Various strategies may help to reduce the likelihood of an estate battle after you die. What is Fair? Disputes often result when parents try to be fair in transferring assets to their children. Equally splitting the family business 50/50 among one’s …
In today’s society, many options exist for families making plans for deceased loved ones. These plans take many factors into account: budget, religious affiliations, environmental concerns, and all with an eye to reflecting the wishes of the deceased. Traditional Options Most people are familiar with traditional funeral services, although even these options can be customized …
The role of the executor is complex and can include the following responsibilities for example: Valuing and disposing of real estate and business assets Settling accounts and ensuring creditor obligations are met Settling tax obligations and filings Managing property and personal assets Handling investments Locating and identifying beneficiaries Providing detailed financial accounting to the beneficiaries …
An estate freeze refers to an estate planning method used to minimize taxes. When an estate freeze occurs, the value (and tax liability) of the estate assets are “frozen” at a specific point in time, and all future growth is typically taxed in the hands of other family members, usually your spouse and next of …
What is a Will? A Will is a legally binding declaration of a person’s wishes regarding the disposition of his or her estate after death. Typically, a Will includes clauses such as: identification of the person making the Will; revocation of all previous Wills; appointment of executors and guardians; payment of debts and taxes; specific …
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