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 […]
Executing Wills and Powers of Attorney by Counterpart During COVID-19
Following on the Order in Council made on April 7, 2020, the province has passed a subsequent Order on April 22, 2020 which allows for wills and powers of attorney that are signed in the presence of witnesses using audio-visual communication to be executed in counterpart. This Order will help to ensure that the process […]
Virtual Will and Power of Attorney Witnessing During Covid-19
As noted in this previous blog about estate planning during the pandemic, ensuring the proper execution of wills and powers of attorney during the pandemic posed a challenge given the requirements under the Succession Law Reform Act. In response to this, an emergency Order In Council has been made under the Emergency Management and Civil […]
Estate Planning During the Covid-19 Outbreak
If you were in the midst of preparing an estate plan before social distancing became the new normal, you may have questions about what the outbreak means for your planning. Alternatively, perhaps the outbreak has highlighted for you just how quickly life’s circumstances can change and making a will and powers of attorney has become […]
The Family Cottage and Estate Planning
Few issues in estate planning cause a greater gnashing of teeth than trying to deal with the family cottage: cottages can carry with them the best of memories, the strongest of emotional attachments, and the potential for the biggest battles, when it comes to succession planning. Clients often don’t like dealing with their cottages specifically, […]
Capacity and Estate Planning
It’s no secret that Canada has an aging population. The Government of Canada reported that in 2014, over 6 million Canadians were aged 65 or older, representing 15.6 percent of Canada’s population. By 2030 seniors will number over 9.5 million and make up 23 percent of Canada’s population. Additionally, by 2036, the average life expectancy […]
Donating to Charity as Part of Your Estate Plan
At a fundamental level, donating to charity feels good. It allows you to support causes important to you and can have a lasting impact on the lives of many people. Another benefit is that there are generous tax incentives available to those who donate to charity. If you are considering a charitable donation as part […]
Over Involved Adult Children and Estate Planning: When Does Assistance Become “Suspicious”?
It is natural and expected that children want to assist their elderly or ill parents in any way that they can. In the context of estate planning, however, there is a risk that too much “assistance” may cross the line to create circumstances that are suspicious, thus leading to a finding that a will is […]
Update on Digital Assets
Digital assets are becoming increasingly important to Canadians, yet they are rarely addressed in wills. The digital nature of assets does not alter the fact that they are, indeed, assets. They form part of your estate on death, and it is important to leave clear instructions to your estate trustees about what should happen to […]
