Graduated Rate Estates: Easy Come, Easy Go
Since 2015, Graduated Rate Estates (GREs) have remained one of the only trusts that are entitled to marginal tax rates, and are the only trust that can choose its own tax year-end under the Income Tax Act. An estate qualifies as a GRE provided certain conditions are met: the estate is within 36 months of […]
Proposed Changes to Ontario’s Wills and Estates Law Under Bill 245
On February 16, 2021, Attorney General Doug Downey introduced to the Ontario Legislature Bill 245 – the “Accelerating Access to Justice Act”. Having been carried through First Reading, the Ontario Government proposes some notable changes to Ontario’s wills and estates law: Virtual signings of wills and powers of attorney Bill 245 proposes to permanently codify […]
Resigning as the Attorney for Property and/or Personal Care
In an earlier blog, I wrote about how to resign as estate trustee of a loved one’s estate. In this blog, I will be discussing how to resign as the attorney under a Power of Attorney for Property or Power of Attorney for Personal Care. Acting as an attorney can be equally onerous as acting as […]
Signing Wills and Powers of Attorney Virtually in Counterparts Extended to October 22, 2020
As we blogged here, on April 23, 2020, the Ontario government introduced an Order in Council (Ontario Regulation 129/20) under the Emergency Management and Civil Protection Act (“EMCPA”) to allow Wills and Powers of Attorney to be signed virtually in counterparts. This was done in response to the COVID-19 pandemic. When the declared state of […]
No Quick and Easy Fix to Stop Predatory Marriages
Predatory marriages are on the rise in Ontario. Predatory marriages occur when a financial predator enters into a relationship with an elderly person for the sole purpose of gaining access to the elderly person’s finances and estate on death. In Ontario, predatory marriages can have a serious impact on the elderly person and his or […]
Stepping Down as the Named Estate Trustee
Acting as the estate trustee of a loved one’s estate can be an onerous and thankless job. Most estate trustees will be quick to add that often times it’s not an honour but a burden. It comes with a great deal of responsibility, consumes much of your time and can expose you to liability. Where […]
Sorry to be the Bearer of Bad News, but Those Joint Assets May be Subject to Estate Administration Tax
As estates lawyers, we often find ourselves being the bearer of bad news when it comes to advising estate trustees on whether the deceased’s joint assets are subject to estate administration tax (formerly called, probate tax). Ontario has one of the highest estate administration tax rates in the country. Ontario’s estate administration tax is calculated […]