Living Will and the Last Will and Testament – Do You Know the Difference?
Many people are familiar with a Last Will and Testament and Powers of Attorney but a common area of confusion is understanding the differences between a Will and a Living Will. Put simply, a Last Will and Testament is a document which states how you intend to deal with your assets and property and outlines your […]
Common Estate Costs
Before any money or property you leave behind is passed on to your loved ones, your debts must be paid first. Other estate costs, such as funeral costs, legal fees, and other administrative expenses in settling your estate, will also arise. There may be other common estate costs, such as estate administration tax and taxes on investments […]
Ontario Superior Court Case — Probate Fees and Double Wills
November is both make a Will month and financial literacy month — what better time to share some thoughts on a recent decision from the Ontario Superior Court on double Wills? Once we’ve helped our client with the substantive part of estate planning — the decisions on who gets the cuckoo clock, the diamond brooch, […]
Packing for Your Vacation 101
Deciding what to bring on vacation is almost as challenging as trying to pack it all in one tiny bag or two. To really experience the awe and enjoyment of a lengthy vacation, as well as having your affairs in working order upon your return, it’s important to consider all aspects of your life and […]
Duties of an Estate Trustee
Many people are familiar with the concept of being named the Estate Trustee (formerly known as an Executor) of an estate, but few are aware of the various statutory and common law obligations that come along with this responsibility. The Estate Trustee is the representative designated to carry out the terms of a last will […]
What Are Digital Assets and How Are They Handled Upon Death
Defining “Digital Assets” “…Water is a useful metaphor for digital assets; they are just as fluid, ever-changing, and dynamic, which presents both challenges and opportunities for executors and those who provide services to them. And, like water, digital assets can simply slip through one’s fingers without care…” Daniel Nelson, “The Challenge of Digital Estate Administration […]
Estate Trustee Compensation
In accordance with Ontario legislation an estate trustee is entitled to receive compensation for his/her efforts in administering the estate of a deceased person. The legislation does not provide a fixed percentage or methodology for calculating same. The case law provides relevant criteria to be applied when fixing compensation, referred to as the five factors […]
To Probate or Not to Probate – An Overview of the Probate Process
To probate or not to probate is one of the most common questions we are asked. Before explaining whether or not probate should be sought, it is best to understand what probate is. The “Probate” process, which is now called an “Application for a Certificate of Appointment of the Estate Trustee with [or without] a […]
Double Wills – Primary (Public Asset Will) and Secondary (Private Asset Will)
Preparing double wills is an estate planning technique which minimizes the amount of probate fees (estate administration taxes) payable on death by your estate. The purpose of “probate” is to certify that a Will has been duly proven and registered in the Court and that the administration of the deceased’s property has been committed by […]
