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 […]
Appointing an Estate Trustee During Litigation
In discussing the roles that need to be filled when creating an estate plan we often spend a great deal of time talking about the role of the Estate Trustee (“ET”). Siblings who were at sixes and nines with each other before a parent dies are not likely to miraculously find harmony and enjoy improved […]
Ontario Superior Court Clarifies Duty of Care in Intestacy
Toller Cranston, five time Canadian champion figure skater, two time Olympian and Olympic and World medalist, recipient of numerous awards and distinctions, a prolific and world renowned artist, died suddenly and intestate in Mexico on January 24th, 2015, leaving a complex estate valued at over $6,000,000 including real estate, 400 original paintings valued at $3,863,907, […]
Majorities Don’t Rule: Applications to Remove Estate Trustees
In the recent decision of Dewaele v. Roobroeck et al., Justice Sheard of the Ontario Superior Court of Justice considered an Application brought by a sister to remove her two brothers as co-estate trustees of the three siblings’ parents’ estates. Co-estate trustees need to act on a consensus basis, unless an alternative is clearly spelled out […]
Discussion re: Munro v. James (BCSC) Francis J.
The BC Supreme Court released a decision in 2020 that speaks to the somewhat unusual situation of a testator who has contracted away her right to change her will, even more unusual in its coming to light while all parties were still alive, and with the particular terms of the agreement. In this case a […]
Foreign Estate Trustees and Assets in Ontario
In this previous blog, Diana Tebby provided an overview of the process of applying for probate or, as she points out, what is now called making an “Application for a Certificate of Appointment of Estate Trustee with [or without] a Will”. This process, as Diana writes, is the Court procedure for the formal approval of […]
November is Make a Will Month – Do You Have Your Estate Plan in Place?
Your Estate Plan Let’s first address the elephant in the room! Dying. You will die, I will die, we all will die. It may not be tomorrow, or next week, or for many years, but the trouble is, we often do not know when the inevitable will hit. Yet, we are reluctant to talk, let […]
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 […]