ARE YOU AN ESTATE TRUSTEE THAT NEEDS PROBATE?
Gilmore and Gilmore offers a straight forward, and cost effective Probate Application service for Estate Trustees / Executors who are otherwise willing and able to administer the Estate they are charged with overseeing. Continue reading
ESTATE ADMINISTRATION – ESTATE INVESTMENTS
An Estate Trustee (Executor) is required to be careful with estate investments. If the Last Will and Testament of the deceased person gives specific authority to make certain types of investments, an executor can make those investments. Otherwise, an executor should assume that they will be held liable by beneficiaries of an estate (even though they may not actually be liable) for any losses and invest conservatively. Continue reading
PREFERENTIAL SHARE OF MARRIED SPOUSE IF YOU DIE WITHOUT A WILL
(EVEN IF YOU HAVE BEEN SEPARATED, BUT NOT DIVORCED, FOR MANY YEARS)
On intestacy (dying without a Will) where the deceased was married at the time of their death (whether or not they are separated), the Succession Law Reform Act provides that the first $200,000.00 of the estate be paid to the deceased’s married spouse at the time of death. The rest of the estate is divided between the spouse and any surviving children of the deceased. If there are no surviving children the married spouse gets the entire estate.
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IN ONTARIO RETAILS SALES TAX CLEARANCE CERTIFICATES ARE STILL REQUIRED
Ontario has had harmonized sales tax (“HST”) since July 1, 2010. Ontario Retail Sales Tax formed a lien against the assets of a business if they were sold unless a Clearance Certificate was obtained from the Retail Sales Tax Office prior to closing.
A Retail Sales Tax Clearance Certificate is still required for any sale of all or substantially all of the assets of a business, even if it closed after the HST came into effect in Ontario. Continue reading
THE MISUSE OF POWERS OF ATTORNEY
A Power of Attorney for Property gives one or more individuals the authority to deal with your assets and liabilities. If there are no limitations in the Power of Attorney (and usually there are not) the Power of Attorney will allow the people you name to do anything you can do except make a Will. Continue reading
SPOUSAL TRUSTS CAN BE COMPLICATED, ENSURE YOU SEEK THE ADVICE OF AN ACCOUNTANT AND LAWYER
If you have children from a previous marriage, you may want your new spouse to benefit from your estate while they are alive and have your estate pass to your children on the death of your new spouse.
You can accomplish this with suitable provisions in your Will that detail whether your entire estate or parts of it are to be held for the benefit of your new spouse. Continue reading
MANAGING REAL ESTATE ASSETS
If the Deceased owns a house or other real estate, there are some basic steps you will want to take immediately to ensure the security of the real estate asset(s). Consulting a a lawyer about these steps is critically important and should be done sooner rather than later.
That said there are some basic steps you will want to take immediately to ensure the security of the real estate asset(s). Continue reading
WATER POTABILITY TESTS ARE CRUCIAL FOR COUNTRY A PURCHASE
If the property you are buying is located in the country, it will probably be serviced by a well. A buyer needs to ensure that the water is potable (drinkable). It is common for an Agreement of Purchase and Sale to indicate that the seller will provide a Water Potability Certificate. Continue reading
BUYER ISSUES WITH MORTGAGE FINANCING
With Canadians taking on ever bigger mortgages, the Federal Government introduced new “Stress Test” mortgage rules in 2018. In addition to financially qualifying for your mortgage now, you must also qualify for the amount of your mortgage based on the five year mortgage rate +2%. The concern of the Federal Government being if you cannot qualify to carry the mortgage in five years there will be many foreclosures and it will have a significant negative impact on home values.
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CONCERNS WITH JOINT ASSETS WITH CHILDREN FOR ESTATE PLANNING PURPOSES
Clients often ask us to transfer their assets (including their house) so that it is held jointly between them and one or more of their children. Transferring your assets into your name and one or more of your children’s names as joint tenants in order to avoid probate tax is often a bad idea. Continue reading
